Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (2) TMI 535 - AT - Income TaxLong term capital gain addition after invoking Section 50C - stamp rate of the capital asset transferred by the assessees' at much lower value after invoking Section 50C thereby making the impugned addition - HELD THAT:- Revenue at this stage raised the vehement contention that no such reference prayer came in the course of assessment at these assessees' behest. We find no merit in the Revenue's instant technical arguments. Hon'ble Calcutta high court decision Sunil Kumar Agarwal Vs. CIT [2014 (6) TMI 13 - CALCUTTA HIGH COURT] holds that Section 50(C)(2) a reference to the DVO is mandatory in Sec. 50C proceedings even if the assessee concerned fails to agitate the same at the appropriate stage. At this stage stated during the course of hearing that the capital asset sold at the assessees' behest in the relevant previous year also involved some title dispute and other distressing factors. We therefore restore this sole issue of long term capital gain addition raised at the assessees' behest back to the AO for his appropriate adjudication after making necessary reference to the DVO as per law. It is made clear that the assessees shall be at liberty to raise all factual/legal pleas in consequential proceedings - Assessees' appeals are treated as allowed for statistical purposes.
|