Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (6) TMI 36 - AT - Income TaxNon referring the valuation of the property sold during the year to the D.V.O for determining its true value for the purpose of computation of capital gain as per the provision of section 50C(1) and (2) - Held that:- AR submitted that the market value of the impugned property is less than what is assumed by the authorities below. Ld. AR contended that the impugned land was agricultural when sold by the assessee and it was only later on that it was converted to residential. Moreover Ld. AR stated that the land was under dispute and civil litigation was in progress. Documents in support of his contention were placed before us as additional evidence alongwith an application under Rule 29 of the Income Tax Appellate Tribunal Rules 1963 seeking admission of the same for the reason that the documents came into possession of the assessee only after the passing of the appellate order. It is amply clear from the above that the assessee has been challenging the adoption of stamp duty value as consideration for the purpose of calculation capital gains from the sale of land all along. In view of the same and in the interest of justice we consider it fit to restore the matter back to the file of the AO for reconsidering the claim of the assesee challenging the stamp duty valuation and further direct the AO to refer the matter to the D.V.O as prescribed under section 50C(2) of the Act. We direct that the assessee be given full opportunity to adduce all evidence in support of its contention and after giving adequate opportunity of hearing the matter be decided in accordance with law. - Decided in favour of assessee for statistical purposes.
|