No addition u/s 56(2)(vii)(b) if difference in valuation is less than 5%

Shri Rama Jogi Reddy Sanepalli Vs ITO (ITAT Bangalore) ITAT Pune Bench in the case of Ratnakanta B. Agarwal v. ITO, ITA 587/PUN/2014, order dated 24.07.2017 wherein the Hon’ble Pune Bench took the view that if the variance between the value estimated as fair market value by the DVO and the value adopted by the assessee is less than 5%, then no addition should be made since the matter of valuation is always based on estimation and some differences do occur. I am of the view that the decision of the Pune Bench of the Tribunal rendered in the case of Ratnakanta B. Agarwal (supra) is applicabl...