TMI Blog2018 (5) TMI 1768X X X X Extracts X X X X X X X X Extracts X X X X ..... IGH COURT] Assessing Officer, discharging a quasi judicial function has the bounden duty to act fairly and to give a fair treatment by giving him an option to follow the course provided by the law. In the light of these discussions, as also bearing in mind entirety of the case, we deem it fit and proper to remit the matter to the file of the Assessing Officer with a direction to refer the valuatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income Tax Act, 1961 for the assessment year 2012-2013. 2. Grievance of the assessee, in substance is against learned CIT(A) upholding the additions of ₹ 30,58,775/- under section 50C, in adopting sale consideration for the purpose of computing the capital gains. 3. The issue in appeal lies in a narrow compass of material facts. During the relevant previous year, the assessee is said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Learned CIT(A) confirmed the action of the Assessing Officer, and declined to interfere in the matter. The assessee is not satisfied and is in further appeal before us. 4. We have heard the rival submissions, perused the material on record and duly considered facts of the case in the light of the applicable legal position. 5. As a plain reading of section 50C(2) shows, when the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prayer is made by the assessee the Assessing Officer, discharging a quasi judicial function has the bounden duty to act fairly and to give a fair treatment by giving him an option to follow the course provided by the law . In the light of these discussions, as also bearing in mind entirety of the case, we deem it fit and proper to remit the matter to the file of the Assessing Officer with a di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Departmental Valuation Officer s valuation. However, suffice to add, while examining this aspect of the matter, the Assessing Officer will take into account binding judicial precedents on the issue, including in the case of Dharmashi Bhai Sonani Vs. ACIT [(2016) 161 ITD 627 (Ahd)]. We leave it that for the time being. 7. In the result, the appeal is allowed for statistical purposes for in the t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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