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2018 (5) TMI 129 - AT - Income TaxDetermination fair market value determined by valuation officer - full value of sale consideration u/s 50C - Held that:- As per the DVO’s letter, which has been attached as Annexure A to the DVO’s final report, the record and details of the inquiries made by the DVO were not maintained. It has not been shown as to how it is not practicable to do so and as to how it is beyond the scope of the guidelines for valuation. As such, if any inquiries were made, since the results thereof were to be utilized against the assessee, these alleged inquiries having been conducted at the back of the assessee, the results thereof ought to have been, in accordance with the principles of natural justice, been necessarily confronted to the assessee. This has not been done. Accordingly, the matter is remitted to the AO, to be decided afresh on directing the DVO to conduct proper inquiries into the matter and to file a fresh valuation report after confronting the results of the inquiries to the assessee and deciding any objections against such inquiries, which may be raised by the assessee. The assessee shall be afforded due and adequate opportunity of hearing.
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