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2013 (7) TMI 204 - HC - Income TaxComputation of long term capital gain - fair market value - rejection of value determined by valuation officer and acceptance of FMV worked out by the assessee's Registered Valuer - Held that:- Valuation officer is constituted as an independent & distinct statutory forum for resolving the controversy regarding determination of the market value of the property with all necessary powers. Its order or report is made binding on the assessing officer and thus he enjoys equivalent status. As per the statutory scheme when the report /order of Valuation Officer under Section 50C(2) is objected to by assessee, the CIT (Appeals) or ITAT are obliged to extend an opportunity of hearing to such Valuation Officer. The ITAT has in paragraph no.8 found faults with the report/order of District Valuation Officer. Admittedly the said Valuation Officer has not been heard and no opportunity was extended to him. This is contrary to obligation cast upon it by the proviso of S.24(5) of the Wealth Tax Act,1957 as attracted by S. 50C(2) of the Income Tax Act . Impugned order of ITAT hereby quashed and set aside and the proceedings are restored back to the file of ITAT, Nagpur for taking decision a fresh therein, in accordance with law - Following decisions of Amiya Bala Paul .vrs. Commissioner of Income Tax, Shillong [2003 (7) TMI 4 - SUPREME Court] and Commissioner of Income Tax .vrs. Smt. Prem Kumari [1983 (1) TMI 46 - ALLAHABAD High Court] - Decided in favour of Revenue.
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