Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

KIRITBHAI JAYANTILAL KUNDALIA (HUF) Versus INCOME TAX OFFICER WARD NO. 2 (4)

Referring the matter to the Valuation Officer under section 55A - reopening of assessment - Held that:- There was no finding of the Assessing Officer that there was variation in the valuation report given by the government approved valuer. The original assessment order was passed. Thereafter, the case was reopened and while reopening the assessment, the Assessing Officer observed that since there were discrepancies in the valuation report of the government approved valuer, the matter was referre .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he valuation of the property as per the valuation report of the government approved valuer is on the higher side. Had the valuation of the Asst. Valuation Officer been on the lower side, the matter would have been standing on a different foot. In that view of the matter, the authority ought not to have referred the matter to the Valuation Officer by applying provisions of section 55 A of the Income-tax Act by reopening of the assessment. Thus, in view of the decision of this court in Commissione .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) By way of this appeal under section 260A of the Income-tax Act, 1961, the appellant-assessee has challenged the order of the Income-tax Appellate Tribunal (hereinafter referred to as the Tribunal ) whereby the Tribunal has dismissed the appeal preferred by the assessee by confirming the orders passed by the Assessing Officer and the Commissioner of Income-tax (Appeals). 2. This court, while admitting the appeal, has framed the following subs .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sition as on 1.4.1981 as per the valuation report of Asst. Valuation Officer (i.e. ₹ 1,68,468/- and ₹ 1,98,428/-) by 50% instead of rejecting the said valuation report and accepting cost as per the claim of assessee in his return (i.e. ₹ 5,08,170/- and ₹ 6,60,225/-)? 3. Whether in the facts and circumstances of the case, Income-tax Appellate Tribunal has erred in law in upholding action of Assessing Officer in making reference to the valuation officer u/s. 55A of the Act .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ssment by issue of notice under section 148 of the Act. The Assessing Officer completed the assessment under section 143(3) read with section 147 of the Income-tax Act by determining total income at ₹ 20,04,554/- on 31.3.2006. 3.1 Being aggrieved by the order of the Assessing Officer, the assessee preferred appeal before the Commissioner of Income-tax (Appeals). The Commissioner (Appeals) confirmed the action of the Assessing Officer in reopening the assessment. The relevant observations o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r the circumstances, I hold that the action of the Assessing Officer in reopening the assessment is correct and no interference is call for. 3.2 In further appeal by the assessee, the Tribunal vide its order dated 26.3.2008 has upheld the view taken by the Commissioner (Appeals). The relevant observations of the Tribunal are as under: We have heard the rival contention of both the parties. We find that the A.O. while framing the assessment order has referred the matter to Valuation Cell for dete .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he valuation officer. The ld. A.R. has taken the contention that while making the reference to the valuation officer there was no pendency of assessment order, therefore the pre-condition for making a reference to the valuation officer is not satisfied but that controversy is settled by the decision of Madhya Pradesh High Court in case of Union of India vs. Kumari Vijyaraja 235 ITR 380 and held that reference to valuation officer is only an aid, an instrument and too to the A.O. for use in case .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

143 on 13.3.03 determining the total income at ₹ 59,996/-. The AO has referred the matter to the valuation cell and after obtaining the report from the valuation cell, i.e. the DVO, and AO found difference between the valuation shown by the registered valuer and the value determined by the DVO. In the instant case the assessee filed the return on 7.3.01 and same was processed u/s. 143(1) on 30.3.01. The matter was referred to the Valuation Officer on 27.12.2000, therefore at the time of or .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

cond question regarding direction to the Assessing Officer to recalculate capital gain by increasing cost of acquisition as on 1.4.1981 as per the valuation report of the Asst. Valuation Officer by 50% instead of rejecting the said valuation report and accepting the cost as per the claim of the assessee in his return is concerned, the Tribunal has given its findings in paragraph Nos. 10 and 11 which are reproduced as under: para 10 - We have heard the rival contention of both the parties. Lookin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

easonable value of the land is fixed at 75/- per sq. mtr. After that the Asst. Valuation Officer of the department has determined the FMV with comparative sale instance in that locality which is at page 18 of the paper book. While valuing the property, the assessee did not file any objection to proposed valuation which was communicated to him. Moreover, valuation officer has considering all other factors have determined the FMV as on 1.4.81. It is also found from the record that the ITO has refe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

details are as under: Sale Rs. Date of sale Survey No. Sq. mtr. 20999.7 05/02/81 456 195-10 60000 19/06/1981 456 121-8 60000 09/07/91 456 101-91 25000 18/8/1981 461/27 205-00 12000 28/9/1981 456/27-B 144-60 56625 22/1/1982 456-41-B 126-43 90000 24/9/1982 456/20A 124-19 60000 15/10/1982 456/5 508-18 49500 12/11/82 461/5 200-00 55000 30/12/1982 456 131-5 As per the appellant, these details were obtained by the appellant from the Sub-Registrar, Rajkot Unit 1, Rajkot as per the Receipt No. 5236, da .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

g Officer also. A perusal of the details show that the rate at which the property was sold was much higher than the rate at which the appellant s valuer had valued the property. However, we have to keep in mind that this cannot be the sole indicator for determining the value. It has been admitted by the government approved valuer (whose report was filed by the appellant) that no comparative instances in respect of agricultural land were available. Even a perusal of the report submitted by the As .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

defined areas connected by roads with infrastructural facilities which is not so in the case of sale transaction under consideration which are for agricultural land. Not only this, the land is agricultural but falls within the Rajkot Municipal Corporation. At best, these can be one of the indicators of rates to be applied for agricultural plots. Incidentally, we have to keep in mind that the land is agricultural land, the area of plot of land was running into acres and on comparative instances f .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

at ₹ 164468/- and ₹ 198428/- respectively is increased by 50% . The Assessing Officer is directed to recalculate the value after increasing the cost of acquisition given by the departmental valuer in respect of both the land by 50% and then recalculate the capital gains. The Assessing Officer has also to keep in mind that as per original order, the appellant s share was 62.5% in respect of Survey No. 461/4 and 66.67% in respect of Survey No. 156 respectively. The working should be do .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

le instance in that area, the assessee has not given any evidence before valuation officer therefore, the CIT(A) has considered all the objections of the assessee and given the relief to the assessee, therefore, in our opinion our interference is not required. Thus we uphold the order of CIT(A). We order accordingly. 3.4 The learned counsel for the appellant has relied on the decision of this court in the case of Commissioner of Income-tax v. Gauranginiben S. Shodhan Indl. reported in (2014) ITR .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

aimed was less than its fair market value as on 1.4.1981. It would not be the case of the Assessing Officer that the value of the asset shown as on 1.4.1981 was less than the fair market value. Such clause, therefore, as it stood at the relevant time, had no application to the valuation as on 1.4.1981. We are conscious that with effect from 1.7.2012, the expression now used in clause (a) of section 55A is is at variance with its fair market value. The situation may, therefore, be different after .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nces, it is necessary so to do. Sub-clause(i) of clause (b) also for the same reasons recorded above, would have no bearing on the fair market value as on 1.4.1981. The Assessing Officer had not resorted to sub-clause(ii) of clause (b). In any case, clause(b) would apply where clause(a) does not apply since it starts with the expression in any other case. In other words if assessee has relied upon a Registered Valuers Report, Assessing Officer can proceed only under clause (a) and clause(b) woul .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ax (Appeals) and the same is required to be reversed. 4. Learned counsel appearing for the revenue Mr. Desai has taken us to the order of the Tribunal and contended that the view taken by the Tribunal is just and proper and no interference is called for with the same. 5. We have heard learned counsel for the parties. While passing the original assessment order, there was no finding of the Assessing Officer that there was variation in the valuation report given by the government approved valuer. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Notification: Exempt certain supplies to NPCIL.

Notification: Seeks to amend notification No. 12/2017-CT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017

Notification: Seeks to amend notification No. 11/2017-CT(R) to reduce CGST rate on specified supplies of Works Contract Services.

Forum: 3B mistake

Forum: Excise duty credit on finished stock at additional place of business.

Forum: Input tax credit

Forum: Cess paid instead of SGST

Forum: Manpower Service provider

Forum: Construction of single unit bungalow

Forum: Duty Drawback & Input Credit - under GST

Article: SIMPLIFIED E-WAY BILL UNDER GST

Article: SERVICES UNDER REVERSE CHARGE UNDER GST REGIME

Highlight: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017 - Notification

Highlight: Companies (Acceptance of Deposits) Second Amendment Rules, 2017 - Notification

Highlight: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg. - Circular

Highlight: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20 - Public Notice

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Circular: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20

Notification: Companies (Acceptance of Deposits) Second Amendment Rules, 2017

Notification: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017

News: Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

Circular: Promote the officers of the Indian Revenue Service (Customs and Central Excise) to the grade of Principal commissioner of customs, GST & CX

Circular: Allocate the charges amongst the Members of the Central Board of Excise and Customs

Circular: Strategy for audits in 2017-18 consequent to GST - Audit by Central Excise and service Department to continue for the accounting year 2016-17 and for the past period

Circular: Appoint the IRS (C&CE) officers as Principal Commissioner (Revision Application) and ex-officio Additional Secretary

Circular: Time limit for filing intimation for composition levy under Rule 3(1) of the CGST Rules, 2017 extended to 16-8-2017

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017

Circular: C.B.E. & C. Advisory on Customs related matters on introduction of Goods and Services Tax regime

Circular: List of Reduced Tax Liabilities under GST regime in comparison to present combined Indirect Tax rates

Circular: Works Contract for construction of Flats, Complex — Builders to pass on GST benefit to buyer otherwise anti-profiteering provisions of Section 171 of GST Act to apply

Circular: Clarification regarding applicability of section 16 of the IGST Act, 2017, relating to zero rated supply for the purpose of Compensation Cess on exports – Regarding.

Circular: Clarification on Inter-state movement of various modes of conveyance, carrying goods or passengers or for repairs and maintenance- regarding

News: RBI Reference Rate for US $

Highlight: Addition u/s 23(1)(a) - deemed rent - once the property is let out and at any point of time this remained vacant during the same cannot be brought to tax under the head House properties income.

News: Haryana constitutes screening committee on anti-profiteering

Highlight: Valuation of imported goods - it is necessary to re-examine the matter of both license agreement as well as supply contract simultaneously, to see if the enhanced royalty was in the guise of adjustment of the price of components.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

Highlight: Cenvat credit availed on Club Membership for the Director is not admissible as it cannot be said to be remotely connected with the activity of manufacture

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Jaitley asks biz not to wait till last day to file GST returns

Circular: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg.

Article: 20 Things You must know about E Way Bills in GST Law

Article: ‘DUTY DRAWBACK’ CANNOT BE EQUATED WITH ‘REBATE OF DUTY’

Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version