BISHNU KUMAR KHEMKA,KOLKATA vs. ITO, WARD-28(4), KOLKATA. , KOLKATA

order

: August 25th, 2023 ORDER

Per Rajesh Kumar, Accountant Member:

is against the ex-parte order passed by Ld. CIT(A) wherein Ld. I.T.A. No.: 640/KOL/2023 Assessment Year: 2012-13 Bishnu Kumar Khemka. CIT(A) affirmed the order of the Assessing Officer (in short ld. 'AO') confirming the addition of Rs. 5,52,757/- made by Ld. AO on account of difference between the value of property as per Stamp Valuation Authority and as per Government approved valuer.

3. The facts in brief are that the assessee filed the return of income on 30.08.2012 declaring the total income at Rs. 4,08,877/- . The case of the assessee was selected for scrutiny through reopening of the assessment by issuing notice u/s 148 of the Income Tax Act, 1961 (in short the 'Act') dated 03.03.2016. After recording the reasons to believe u/s 148(2) of the Act wherein it has been noted that the assessee has sold property in which he had 1/6th ownership during the year and the sale consideration is less than the fair market value and accordingly, the income has escaped assessment. Ld. AO during the course of assessment proceedings noted that the market value of the said property has been assessed at Rs. 5,89,97,915/- by the office of A.R.A-II, Kolkata. However, the amount of consideration received by the assessee was only Rs. 50 lakh out of the sale consideration vide sale deed dated 19.12.2011. The assessee has furnished valuation report of the property valuing the property at Rs. 70.93 lakh as on 01.04.1981 and the indexed value of the property was worked out at Rs. 5,56,80,050/-. Ld. AO accordingly computed the share of the assessee in the property at Rs. 98,29,053/- as per the Stamp Value Authority and after reducing the value as per the Government approved valuer at Rs. 92,76,296/- added a sum of Rs. 5,52,757/- as difference between the market value as per Government approved valuer and Value as per stamp authority u/s