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INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH)
SHRI CHALLA NAGENDRA PRASAD, J, SHRI M BALAGANESH, ACJ
PARVEEN GUPTA – Appellant
Versus
ACIT – Respondent
Headnote: Read headnote
ORDER
PER C.N. PRASAD, J.M.
These two appeals are filed by the assessees who are the co-owners of a property against the orders passed by the Ld. CIT(Appeals)-30 dated 31.03.2025 for the AY 2020-21 in sustaining the addition made by the Assessing Officer being the difference between the value of property shown in the sale deed and fair market value determined by the DVO as unexplained investment u/s 69 of the Act. Since the issue in both these appeals is relating to valuation of property having 50% share as joint owners both the appeals are taken up for hearing together and disposed off by way of this common order for the sake of convenience.
2. The assessees in these appeals raised the following common grounds of appeals:
1. “1. That on the facts and circumstances of the case and in law, the order dated 31.03.2025 passed by the Le
The Income Tax Act mandates that without substantive evidence of undisclosed investments, minor discrepancies in property values should not prompt tax assessments under Section 69.
Court affirmed that for assessing income, stamp duty valuation prevails under Section 56(2)(vii)(b)(ii) to counteract under-reporting in property transactions.
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