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2016 (5) TMI 90

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..... us reasons it was the primary duty of the learned Assessing Officer to refer the matter to the learned Departmental Valuation Officer for valuation of the immovable property. Commissioner of Income-tax (Appeals) has also simply brushed aside the contention of the assessee by stating in his order that at the time of assessment proceedings the assessee has not requested the learned Assessing Officer to refer the matter to the learned Departmental Valuation Officer. Considering the facts and circumstances of the case, we are of the considered view that in the interest of justice the matter has to be referred back to the file of the learned Assessing Officer with a direction to refer the matter to the learned Departmental Valuation Officer .....

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..... as November 5, 2004. 4. The learned Commissioner of Income-tax (Appeals) ought to have seen that the Assessing Officer erred in not considering the various factors that determined the market price of the property while arriving at the value of the property. The value arrived at by the Assessing Officer is erroneous and without proper reasoning. 5. The learned Commissioner of Income-tax (Appeals) ought to have seen that the Assessing Officer has not considered various factors while arriving at the fair market value of the property for the purpose of application of section 50C. The learned Commissioner of Income-tax (Appeals) ought to have seen that the Assessing Officer failed to consider the inherent draw back in the property such as .....

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..... en there is variance in determination of the value of the property by the Assessing Officer to the value of the property declared by the appellant than the Assessing Officer ought to have referred the property to the Valuation Officer for determining the value of the property before invoking section 50C of the Income-tax Act. For these and other ground that may be raised at the time of hearing it is most humbly prayed that the hon'ble Tribunal may be pleased to allow the appellant's appeal and thus render justice. 3. The brief facts of the case are that the assessee is a Hindu undivided family, engaged in the business of money lending, filed his Income-tax return electronically on February 18, 2011 admitting total income as &# .....

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..... Where the assessee questioned adoption of stamp value as against the apparent consideration disclosed by him and had questioned such adoption during the course of assessment in the context of the asses see not having taken up the stamp value by way of appeal or revision against stamp authorities, it was for the Assessing Officer to refer the matter to the Valuation Officer under section 50C(2) of the Income- tax Act. In this case, it seems that the assessee did not raise the issue at the time of assessment proceedings. Hence the Assessing Officer is duty bound to adopt the guideline value fixed by the Registering Authority for stamp value purpose as per section 50C(1) of the Act. The Assessing Officer did it accordingly. Hence, there is no .....

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..... he learned Assessing Officer has not referred the matter to the learned Departmental Valuation Officer for valuing the property as per section 50C(2) of the Act. The assessee had submitted before the learned Assessing Officer regarding the litigation involved in the title of the property which was not considered by the learned Assessing Officer. When the assessee had challenged the value determined by the learned Assessing Officer citing the various reasons it was the primary duty of the learned Assessing Officer to refer the matter to the learned Departmental Valuation Officer for valuation of the immovable property. The learned Commissioner of Income-tax (Appeals) has also simply brushed aside the contention of the assessee by stating in .....

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