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2017 (10) TMI 1390 - AT - Income TaxAddition under the head capital gain - transfer u/s 2(47) - Held that:- This was a transfer of a plot, which was allotted to the assessee by a cooperative society, therefore, there is no substance in the pleadings of the assessee. The facts and circumstances of the case are clearly shows that the provisions of Section 50C of the Act are applicable and it was a transfer of a capital asset being plot of land. Capital gain - reference to DVO to estimate the fair market value - section 50C applicability - Held that:- As stated by the Assessing Officer that the assessee has objected the value adopted by the Stamp Valuation Authority and requested to refer the matter to the valuation officer. The Assessing Officer referred the matter to the departmental valuation officer on 05/02/2016 for determination of fair market value of the property. DVO returned back the proposal by stating that the statutory references normally requires 120 days and number of cases are to be disposed off by his office prior to 31/3/2016 being time barring cases, therefore, it would not be possible to take the case at that stage and the reference was returned. After hearing both the sides and in the interest of justice and equity, find it appropriate to restore the matter to the file of the Assessing Officer to be decided de novo after obtaining valuation report from the DVO.
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