Stalwart Impex Private Limited , Mumbai vs Income Tax Officer, 15 (3) (4) , Mumbai on 2 July, 2021
"5. We have heard the submissions made by representatives of rival sides and have
perused the orders of authorities below. The solitary issue raised in the appeal by the
assessee is against the addition of Rs.10,38,000/- on account of difference in Long
Term Capital Gain declared by the assessee and computed by the Assessing Officer
after considering the DVO's valuation report. It is an undisputed fact that the
assessee has disclosed sale consideration of the land as Rs.1,10,00,000/-. During the
scrutiny assessment proceedings reference was made to DVO for the valuation of
property. The DVO vide report dated 30-12-2013 determined the fair market value of
the property as Rs.1,20,38,000/-. The difference between actual sale consideration
declared by the assessee and the fair market value determined by the DVO is
approximately 9.43%. We find that the Co-ordinate Bench of the Tribunal in the case
of Dattatraya Kerba Lonkar Vs. Deputy Commissioner of Income Tax (supra) after
considering various decisions including the decision rendered in the case of Rahul
Constructions Vs. Deputy Commissioner of Income Tax (supra) and the judgment of
Hon'ble Patna High Court in the case of Bimla Singh Vs. Commissioner of Income Tax
(supra) has held as under: