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2016 (6) TMI 369 - AT - Income TaxExemption u/s. 54EC - error of valuation being adopted by the AO u/s 50C - as per assessee AO instead of making a reference to the DVO, the AO himself has adopted the value declared in the Sale Deeds without looking into the assessee contentions with regard to lesser receipt of sale consideration - Held that:- We find that the contentions of the assessee with regard to lesser receipt of sale consideration were not examined by the revenue authorities. Therefore, in the interest of justice, we set aside the order of ld. CIT(Appeals) and restore the matter to the file of Assessing Officer with a direction to readjudicate the issue afresh after affording opportunity of being heard to the assessee. If need be, reference may be made to the DVO to ascertain the fair market value. - Decided in favour of assessee for statistical purposes.
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