TMI Blog2024 (2) TMI 924X X X X Extracts X X X X X X X X Extracts X X X X ..... , non-deduction of expenses and value owing to the encroached portion, we deem it fit to remand the matter to the file of the Assessing Officer to adjudicate the issue afresh. Appeal of the assessee is allowed for statistical purpose. - DR. B. R. R. KUMAR, ACCOUNTANT MEMBER, SH. YOGESH KUMAR US, JUDICIAL MEMBER For the Appellant : Sh. Nitin Gulati, Adv. For the Respondent : Sh. Subhra J. Chakraborty, CIT- DR ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the assessee against the order of ld. CIT(A)-5, New Delhi dated 28.06.2019. 2. Following grounds have been raised by the assessee: 1. Whether the Ld. CIT (A) was justified by upholding the additions made by the L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1011.11 sq. yards vide sale deed dated 15.02.2005. The assessee through its director entered into MOU dated 20.06.2014 with the seller namely, Dr. Kamal Agarwal and Mrs. Sonia Agarwal for sale of a subject plot of land situated at Faridabad for a consideration of Rs. 2.50 Crore whereas the circle rate was, Rs. 30,000/- per sq. yards. The assessee through its director also entered into Agreement to sale and purchase with the buyer on 20.06.2014 for the same consideration of Rs. 2.50 Crore as mentioned above and land was sold. The case of the assessee was selected for manual scrutiny under CASS wherein the issue was raised by the Assessing Officer w.r.t. 'sale consideration for sale of property shown at less than Stamp Duty Value. During ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ddition to this viewing to the interior location of the plot the sale deed could be struck at Rs. 2,50,00,000/- which was lower than the prevailing circle rate in the area for the purpose of stamp valuation. c) This fact was also brought to the notice of assessing officer during the assessment proceedings with respect to refer the matter to D.V.O. The assessing officer completed the assessment taking the circle rate value of Rs. 30,000/- per Square yard, hereby assessing the value at Rs. 3,03,33,300/-. Thus the assessment was completed without obtaining the D.V.O report before its completion. d) Reference to the D.V.O. report dated 03.05.2019 the assessee raised objections to the report submitted by the D.V.O. being unfair and u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccept the valuation report drafted without considering our objection and is therefore against the natural justice to the assessee. h) The final valuation report submitted by DVO indirectly shown ex party order as the objection raised by the appellate by letter dated 3 May, 2019 have not been dealt with. This is grossly unjust and unfair denying the principal of natural justice in the income tax proceedings which is in the nature of quasi judicial proceeding. The copy of the letter is enclosed. The objection raised by the appellant assessee to the final valuation report was on the two issues as under. i) The appellate assessee has stated that circle rate of Rs. 30,000 per square yard considered by DVO do not represent the fair m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant extract of section 23A(1)(i) of the wealth tax act provides that Any person objecting to any order of the valuation officer under section 35 having the effect of enhancing the valuation of any assets or refusing to allow the claim made by the assessee under the said section may appeal to the Commissioner (Appeals) against the assessment or order as the case may be, in the prescribed form and verifies in the prescribed manner. k) In this context we rely on the ITA No. 2107/Ahd./17 dated 01.04.2019 in the case of Lovy Ranka Vs. DCIT (ITAT Ahmadabad) which has held as under: 'in effect thus, by the virtue of section 23A(1)(i) being incorporated, with necessary modifications, in section 50C, the correctness of a DVO's can inde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from 30000 per square yard to 26500 per square yard from the estate office of the collector Faridabad. 6. The ld. CIT(A) affirmed the action of the Assessing Officer. 7. Aggrieved, the assessee filed appeal before us. 8. Before us, the ld. AR reiterated the arguments taken up before the authorities below and the ld. DR relied on the orders of the ld. CIT(A). 9. Heard the arguments of both the parties and perused the material available on record. 10. We have also gone through the additional grounds taken up by the assessee on 30.06.2022 which are as under: (A) Whether the ld. CIT(A) was justified in enhancing the assessment by an amount of Rs. 13,99,100/- on the basis of report of DVO without giving the appellant a re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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