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2014 (8) TMI 683 - HC - Income TaxReopening of assessment u/s 147 - Guidance value for stamp duty - Whether the Tribunal was justified in holding that the Government Circular prescribing the guidance value for stamp duty cannot be placed reliance by the AO to reopen the assessments u/s 147 r.w. section 148 – Held that:- The assessment was reopened by the AO and he ultimately called upon the assessee to pay tax on the difference of the acquisition value of the property and the price received by him on sale of the property in the year 1999-2000 - The Tribunal did not go into the merits of the case and allowed the appeal solely on the ground that the AO was wrong in reopening the assessment after 16 years on the basis of the Circular dated November 10, 1982 - the view taken by the Tribunal was wrong - Though the Circular was issued 16 years ago, it was showing the guidance value prevailing at the relevant time - the Tribunal ought to have recorded its finding on the merits also - the assessee did not and could not produce on record any authentic material to show the purchase price of the property in the year 1981 or, when he actually purchased the property- Tribunal ought to have considered the case on the merits also to find out whether the valuer's report was authentic and acceptable – Decided in favour of Revenue.
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