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2014 (9) TMI 931 - AT - Income TaxValuation u/s 50C - Enhancement in valuation of land - Held that:- Assessee has given a detailed clarification as to why the land sold by the assessee could not fetch a higher value. The Assessing Officer has not properly done his homework in finding out what was the basis for the stamp duty authorities in adopting the value at ₹ 3,65,500. It is ordinarily based upon sale of a particular plot at a particular location. It is the duty of the Assessing Officer to verify the proximity of that plot to the plot which was sold by the assessee so as to objectively assess as to whether the assessee could have sold her plot at a price which was stipulated by the stamp duty authorities. No such action was taken by the Assessing Officer despite the specific direction by the Bench to analyse the issue "objectively". Under these circumstances I am of the firm view that the action of the Assessing Officer is not in accordance with law - Addition made is deleted - Decided in favour of assessee.
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