| The Tax Publishers2020 TaxPub(DT) 2506 (Kol-Trib) INCOME TAX ACT, 1961
Section 69
DVO valued the building (asset) at Rs. 1,76,55,900 whereas assessee had shown in her books of accounts at Rs. 1,66,52,805. The difference of these two figures was at Rs. 10,03,095 which was less than 10% of valuation shown by assessee, that is, at Rs. 16,65,280. The said variation or difference might arise because of various factors had to be ignored and no addition could be made on account of such minor variations.
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Income from undisclosed sources - Addition under section 69 - Difference between DVO valuation of building purchased and purchase consideration being less than 10% -
As per valuation report of Valuation Officer (DVO), value of the building purchased by assessee was to the tune of Rs. 1,76,55,900 as agianst Rs. 1,66,52,805 shown by assessee. AO treated excess amount of Rs. 10,03,095 (1,76,55,900 - 1,66,52,805) as unexplained investment under section 69. Held: DVO valued the building (asset) at Rs. 1,76,55,900 whereas assessee had shown in her books of accounts at Rs. 1,66,52,805. The difference of these two figures was at Rs. 10,03,095 which was less than 10% of valuation shown by assessee, that is, at Rs. 16,65,280. The said variation or difference might arise because of various factors had to be ignored and no addition could be made on account of such minor variations.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2008-09
IN THE ITAT, KOLKATA BENCH
S.S. GODARA, J.M. & A.L. SAINI, A.M.
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