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2016 (9) TMI 1181 - AT - Income TaxReference to valuation officer - whether CIT(A) erred in referring the valuation of land to the Valuation Officer? - Held that:- In the course of assessment proceedings, the assessee has filed valuation report supporting the value as on 01.04.1981 alongwith building which is disputed by the ld. Assessing Officer and calculated Long Term Capital Gains. Aggrieved by the order, the assessee filed an appeal before the ld. Commissioner of Income Tax (Appeals). In appellate proceedings, the ld. Commissioner of Income Tax (Appeals) dealt with judicial decisions of Tribunal and High Court and directed the ld. Assessing Officer to refer to the valuation officer. The Revenue is disputing the action of the ld. Commissioner of Income Tax (Appeals) in directing to valuation officer. The assessee claimed cost of acquisition as on 01.04.1981 based on the valuation report. The assessee has a option to adopt as per provisions of the Act which she has rightly followed. On combined reading of both provisions, the ld. Commissioner of Income Tax (Appeals) powers are co-terminus with the ld. Assessing Officer and within provisions of law on referring to the valuation officer. Hence, considering the provisions of law, material on record and judicial decisions, we are not inclined to interfere with the orders of the Commissioner of Income Tax (Appeals) who has dealt exhaustively on provisions and facts viz-a-viz explanation of the assessee and we dismiss the grounds of the Revenue.
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