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2022 (4) TMI 685 - AT - Income TaxCapital gain computation - FMV determination of property - objection filed by the assessee on the issue of valuation of the property dismised as the issue is not emanating from order passed by the Assessing Officer u/s.154 - AO has referred valuation of the property to determine fair market value of the property as per request of the assessee, however, completed assessment without waiting for report of the DVO - HELD THAT:- We find that when the Assessing Officer has referred valuation of the property to the DVO, the A.O. ought to have waited for report of the DVO to determine fair market value of the property - when the AO has revised fair market value of the property, as per valuation report of the DVO, then in our considered view, the issue of fair market value of the property sold by the assessee is merged with rectification order passed by the Assessing Officer u/s.154/155 and thus, when the assessee has challenged value determined by the Assessing Officer on the basis of report of the DVO, the learned CIT(A) ought to have dealt with objection filed by the assessee. In this case, the learned CIT(A), without considering objection filed by the assessee on the issue of valuation of the property has simply dismissed appeal filed by the assessee on technical reasons by holding that the issue is not emanating from order passed by the Assessing Officer u/s.154 of the Act. Therefore, we are of the considered view that there is an error in the order passed by the learned CIT(A), inasmuch as not considering the issue raised by the assessee and thus, we set aside order passed by the learned CIT(A) and restore the issue back to the file of the AO and direct the A.O. to deal with objections filed by the assessee on the issue of fair market value determined by the DVO before invoking provisions of section 50C - Assessee Appeal allowed for statistical purposes.
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