Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 1399 - AT - Income TaxDetermination of value of property - Held that:- The assessee has purchased the property at very low price - The reasons for doing so as given by the assessee are not acceptable - Assessing Officer did not enquire the actual market value, even though referred the matter to the Sub- Registrar for valuation of similar properties in and around the same place where Assessee purchased - The determination of value on the basis of DVO's report is also not correct as it is only estimation - The AO could have enquire from the seller and the outcome of his income tax proceedings as provisions of section 50C could have been invoked in seller's case - These aspects are not on record and since order of the CIT(A) is not correct both on facts and on law - The issue has been restored for fresh adjudication.
|