HAKIKAT SARAF,KANPUR vs. INCOME TAX OFFICER-2(5), KANPUR
ITA 247/LKW/2017[2014-15]Status: DisposedITAT Lucknow29 Oct 2024AY 2014-15
Bench: Sh. Sudhanshu Srivastava & Sh. Nikhil Choudhary, Member A.Y. 2014-15 Hakikat Saraf, Income Tax Officer-2(5), 124/B/168, Govind Nagar, Vs. Kanpur Kanpur-208006 Pan:Afpps4419H (Appellant) (Respondent) Assessee By: Sh. Rakesh Garg, Advocate Revenue By: Sh. Sunil Kumar Rajwanshi, Addl Cit Dr Date Of Hearing: 29.08.2024 Date Of Pronouncement: 29.10.2024 O R D E R Per Sh. Nikhil Choudhary: This Is An Appeal Against The Order Under Section 250 Of The Income Tax Act, 1961, Passed By The Cit(A)-1, Kanpur Dated 24.01.2017. The Grounds Of Appeal Are As Under:- “01. Because The Cit(A) Has Erred On Facts & In Law In Upholding The Addition Of Rs.47,33,000/- Under Section 56(2)(Vii)(B)(Ii) Of The I.T. Act, 1961, Which Addition Is Contrary To Facts, Bad In Law & Be Deleted. 02. Because The Cit(A) Has Failed To Appreciate The Facts & Circumstances Of The Case & Has Arbitrarily Held, That The Difference Between The Actual Gross Consideration Rs. 1,09,34,000/- & The Stamp Value Estimated By The Stamp Valuation Authorities, Subsequently Reduced By The District Valuation Officer At Rs. 1,56,67,600/- Is Deemed Income Under Section 56(2)(Vii)(B)(Ii) Of The Act.
For Appellant: Sh. Rakesh Garg, AdvocateFor Respondent: Sh. Sunil Kumar Rajwanshi, Addl CIT DR
Section 250Section 56(2)(vii)
50C(2) of the Act,
1961. In response, the Valuation Officer of the Income Tax Department submitted a valuation report on 1.07.2016, wherein the fair market value as on 10.01.2014 was determined at Rs. 1,56,67,600/-. After obtaining the said valuation report, the assessee was given an opportunity to submit its response. The ld. AO found those objections
