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2009 (9) TMI 1006 - ITAT DELHI

2009 (9) TMI 1006 - ITAT DELHI - TMI - ITA No.1178/Del/2009 - Dated:- 8-9-2009 - SHRI D.R.SINGH, JM AND SHRI R.C.SHARMA, AM Appellant by : Shri H.K.Lal, DR. Respondent by : Shri Rajiv Jain, CA. ORDER PER R.C.SHARMA, AM : This is an appeal filed by the Revenue against the order of CIT(A) dated 27.1.2009 for the AY 2005-06 wherein following grievance was raised by the Revenue :- "On the facts and in the circumstances of the case and in law, the ld.CIT(A) has erred in deleting the additions am .....

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e assessee has admitted the sale of flat for ₹ 9,00,000/- only. The matter was referred to the DVO u/s 55A of the Income-tax Act and the DVO estimated the fair market value of the flat at the time of sale at ₹ 36,77,000/-. When the assessee was not able to explain the difference in sale consideration the assessment was completed at total income of ₹ 44,22,520/- adding an amount of ₹ 27,51,870/- as income from capital gain. 3. By the impugned order, the CIT(A) deleted the .....

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t;8. With regard to the arguments of the learned counsel for the appellant based on the provision of s. 55A of the said Act, it is immediately to be noticed that the said provision begins with the expression "with a view to ascertaining the fair market value of a capital asset". In other words, the reference to a Valuation Officer under s. 55A is for the object of ascertaining the fair market value of a capital asset. It is only when the AO is required to ascertain the fair market valu .....

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