CIT Vs. BERRY PLASTICS (P.) LTD.

JUDGEMENT

(1.) REVENUE is in appeal against the judgment of the Tax Appellate Tribunal ('the Tribunal' for short) dated 31 -8 -2012 raising following question for our consideration:

(2.) ISSUE pertains to addition of a sum of Rs. 40.24 lakhs (rounded off) made by the assessing officer under section 69B of the Income -tax Act ('the Act' for short).

(3.) ON the basis of such facts the assessing officer called for valuation report from Departmental Valuation Officer ('DVO' for short) under section 142A of the Act The valuer valued the land at Rs. 29.20 lakhs and the building at Rs. 81.89 lakhs (rounded off). In view of such difference between the disclosed investment of the assessee in purchase of such property and the DVO's estimation of its fair market value, the assessing officer added the sum of Rs. 40.24 lakhs in the income of the assessee under section 69B of the Act.