Smt. Kakali Sen Vs. ITO, Ward-22(2), Kolkata

Parties Involved

Facts Summary

The assessee, Smt. Kakali Sen, filed her income return on 21.03.2017 declaring a total income of Rs. 10,96,150/-. The case was selected for scrutiny, and statutory notices were issued and served. The assessment under section 143(3) was completed on 21.12.2018, accepting the income declared by the assessee. However, the Assessing Officer (AO) noticed discrepancies between the stamp duty value and purchase price for three properties. The matter was referred to the District Valuation Officer (DVO) on 21.11.2018, but the DVO's report was not received. Consequently, the assessment accepted the purchase price declared by the assessee. The Principal Commissioner of Income Tax (PCIT) revised the assessment on 01.03.2021, adding the difference between the stamp duty value and purchase value without referring the matter to the DVO. The appellate order affirmed the AO's order, stating that the assessee did not obtain a valuation from the DVO.…

Legal Issues

• 1. Confirmation of addition of Rs. 35,59,792/-, Rs. 11,84,375/- and Rs. 6,88,763/- made by the AO under section 56(2)(vii) of the Act.

Judgment Outcome

Decided in favour of Assessee.

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