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2018 (2) TMI 736 - AT - Wealth-taxDetermination of net-wealth for the purpose of Wealth Tax Act - Held that:- Sub-section 2 of section 50C provides a remedy to the assessee in case he has aggrieved with adoption of such sale consideration on the basis of deeming provision. He can file a reference to the AO and the AO shall send the reference to the DVO for determining fair market value of the property on the date of transfer. Thus, it cannot be taken as gospel truth. The assessee has to be given an opportunity to contest this rate. Similarly, report of the DVO is to be supplied to the assessee his comments are to be taken. Only thereafter net wealth could be determined. In the present cases, report of the DVO is still awaited. While dealing with the property no.4, Narol, Ahmedabad the ld.CIT(A) has observed that the AO is directed to adopt value of the property on receipt of report from the DVO if the valuation is more than the value of the property declared and accepted by the AO. Now, how this type of direction can be made without confronting the assessee with report of the DVO ?. We are of the view that ends of justice will be met, if we set aside order of the CWT(A) and restore all these issues to the file of AO. AO shall provide copies of DVO’s report in case those reports are being relied upon by him for determination of net wealth - Appeals of the assessee are allowed for statistical purpose.
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