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2014 (1) TMI 1309 - AT - Income TaxCompliance of the provision of Section 50C of the Act - Error in adopting circle tare as per section 50C of the Act – Reference to the valuation officer not made - Value adopted exceeds the fair market value of the property - Deemed value of sale consideration adopted – Held that:- Relying upon SHRI ANIL KUMAR JAIN Versus INCOME TAX OFFICER [2014 (1) TMI 442 - ITAT DELHI] - it was incumbent upon the Assessing Officer to refer the matter for valuation to a Valuation Officer has provided in sub-section 50C(2) of the Act - The view taken by the Assessing Officer as well as confirmed by the Commissioner of Income Tax(A) is not correct - Since the Assessing Officer failed to refer the matter to the valuation officer u/s 50C(2) of the Act, it would be proper to restore the matter back to the file of the Assessing Officer for a fresh adjudication after referring the matter to the Valuation Officer u/s 50C(2) of the Act – Decided in favour of Assessee.
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