Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (4) TMI 321 - AT - Income TaxReference of matter to DVO - valuation of the impugned land to valuation officer as provided in section 50C(2) - AO adopted the value as appearing in the certified copy of the sale deed - difference in market value of land as appearing in the registered sale deed, valuation report issued by Mr. Pramod Saraf and Shri D.K. Jain and sale consideration shown by assessee - HELD THAT:- In the recent decision of the Coordinate Bench Mumbai in the case of Aavishkar Film (P.) Ltd. vs. ITO, [2019 (6) TMI 1175 - ITAT MUMBAI] similar issue came for adjudication wherein held that “even if in a case where no request is made by the assessee to make a reference to the DVO, the Assessing Officer while discharging a quasi-judicial function is duty-bound to act fairly by giving the assessee an option to follow the course provided by law to have the valuation made by the DVO”. Respectfully following the decision above as in the instant case, facts are same wherein assessee challenged the fair market value adopted by the assessing officer during the course of assessment proceeding itself and made a request for referring the matter of the valuation to DVO which was not accepted. Set aside the issue raised to the file of the Ld. AO with a direction that the assessing officer will refer the matter of valuation of the impugned land to the DVO and after receiving the valuation report decide accordingly as per the provisions of law. Assessee’s appeal allowed for statistical purposes.
|