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2024 (1) TMI 168 - MADRAS HIGH COURTIncome from other sources u/s 56(2)(x) - difference between the income disclosed in the return and the guideline value - petitioner reiterated that the document value represents the fair market value and that a reference should be made to the Departmental Valuation Cell for determination of the fair market value - HELD THAT:- The assessment order proceeds on the basis that the guideline value of the relevant immovable asset represents the real market value. Such conclusion has been drawn without awaiting the valuation report from the third respondent. As a consequence, in spite of the petitioner asserting and reiterating that the sale consideration specified in the sale deed represents the fair market value, the petitioner has been put to prejudice without any material to support the conclusion that the guideline value represents the fair market value. Therefore, the petitioner is entitled to an interim stay of coercive action pending disposal of the statutory appeal. It is needless to say that it is also just and necessary that the statutory appeal be disposed of expeditiously. The fourth respondent is directed to dispose of the statutory appeal against the assessment order within a maximum period of three months from the date of receipt of a copy of this order. Until the statutory appeal is disposed of, the first and second respondents are restrained from initiating any coercive action pursuant to the assessment order for recovery of the disputed tax demand. There shall be no order as to costs.
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