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2023 (2) TMI 798 - ITAT AHMEDABADAddition of LTCG - Determination of sale value - substitution of stamp duty valuation without referring the matter to DVO - Applicability of section 50C - AR submitted that the CIT(A) was not right in confirming the addition as the valuation of the DVO was not taken into account by the CIT(A) and in fact the Stamp Duty Valuation Authority’s valuation has been adopted without giving any proper opportunity to the assessee at the time of assessment order - Assessee submitted that the valuation of the DVO should have been verified in consonance with the sale value taken by the assessee and thus the matter needs verification - HELD THAT:- There is a difference between the sale value as determined by the assessee in the sale deed and the value adopted by the Stamp Duty Valuation Authority and the same needs verification in respect of the Jantri value as well as actual value of the property. AO as well as the CIT(A) has not taken cognisance as per the provisions of Section 50C and, therefore, this requires proper verification and adjudication. Thus, the issue is remanded back to the file of the AOfor proper adjudication and verification in respect of valuation by DVO and Jantri value as well as the sale value taken into account by the assessee and by the Department and adjudicate the matter as per law. Decided in favour of assessee for statistical propose.
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