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2020 (3) TMI 1199 - AT - Income TaxAddition being difference between the actual sale consideration and the stamp valuation of immovable property - deemed income u/s 56(2)(ii)(b) - Non reference of matter for valuation to DVO HELD THAT:- There is no dispute with regard to the fact that assessee had purchased immovable property and there was a difference of value as disclosed by the assessee and adopted by the Stamp Valuation Authority. It is also not a case where the assessee objected before the AO regarding valuation adopted by the Stamp Valuation Authority. The assessee first time made objection before the Ld. CIT(A) regarding valuation of the property. Since the Ld. CIT(A) has coterminous powers with the assessee officer, ought to have referred the matter for valuation to the Departmental Valuation Officer( in short DVO). Therefore, set aside this issue to the file of Ld. CIT(A) for deciding afresh after referring the matter to the DVO. The assessee would also be at liberty to file a valuation report if so advised. Assessee's Grounds allowed for statistical purposes.
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