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2015 (11) TMI 1571 - AT - Income TaxValuation - Addition of undisclosed income made u/s. 50C - sale of land - Revenue’s endeavor is to restore the entire addition sum of ₹ 2,17,70,600/- based on jantri price of the land sold instead of DVO’s valuation determining the same to be of ₹ 24,15,000/- - Held that:- The hon’ble Allahabad high court in case of CIT Vs. Dr. Indra Swaroop Bhatnagar Income [2013 (2) TMI 456 - ALLAHABAD HIGH COURT ] holds that a DVO’s valuation u/s. 50C(2) binds an Assessing Officer/Revenue. No case law to the contrary is referred in the course of hearing. We find no fault with the lower appellate order in these facts and circumstances. The CIT(A)’s action in restricting the impugned undisclosed income addition of ₹ 2,17,70,600/- to ₹ 24,15,000/- is accordingly confirmed. - Decided against revenue
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