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2018 (7) TMI 1479 - AT - Income TaxReopening of assessment - Held that:- Reasons have been recorded by the Assessing Officer as shows prima-facie there is an escapement of income and we hold that reopening of assessment is justified in this case. Accordingly, this ground of appeal raised by the assessee is dismissed. Value of property as per section 50C - AO has invoked the provisions of section 50C by considering the market value mentioned in the sale deed - Held that:- When the assessee has disputed the market value of the property by producing the certificate issued by the Registration Authority, the Assessing Officer ought to have been referred the matter to the DVO as per sub-clause (2) to section 50C. The Assessing Officer as well as CIT(A) failed to consider the issue in a perspective manner. In our opinion, the Assessing Officer ought to have been referred the matter to the DVO to ascertain the correct value of the property. We set aside the order passed by the ld.CIT(A) on this issue and remand the issue back to the file of the Assessing Officer, who in turn refer the matter to the DVO to ascertain the correct value of the property and decide the issue denovo in accordance with law. Accordingly, this ground of appeal raised by the assessee is allowed for statistical purpose.
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