9911796707
TMI Blog2022 (2) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 u/s. 143(3) of the Income Tax Act (hereinafter the 'Act'). 2. The first issue in this appeal of assessee is against the order of CIT(A) confirming the action of the DVO in assessing the fair market value of the property sold at Rs. 5,98,96,000/- as against sale consideration recorded in the sale deed at Rs. 4.40 crores without considering the objections of the assessee raised vide letter dated 27.11.2019. For this, assessee has raised various grounds. 3. Brief facts are that the assessee is an individual and during the year under consideration sold property in survey No.507/2A and survey No.489/1 & 2, old patta No.140, new patta No.5112 in bearing old No.1, New door No.16, Plot No.52 situated in Balaji Nagar, Thirumullaivoyal, Ambattur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the issue by observing in Para 7 as under:- "7. Decision The assessment order passed by the AO, ground of appeal taken by the appellant, written submissions filed by the AR, Valuation report and objection to Valuation report filed by appellant are duly considered. The DVO's report is binding on the department hence the AO is directed to adopt the value given by the DVO and enhance the sale consideration." Aggrieved against the order of CIT(A), now the assessee is in appeal before Tribunal. 4. Before us, the ld.counsel for the assessee Smt. Srividya Sivaram, Chartered Accountant, took us through Ground Nos.1 to 5 and stated that the DVO has not given proper opportunity to the assessee before determining fair market value of the propert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etermined fair market value u/s.50C of the Act and accordingly charged long term capital gain tax. The ld.AR for the assessee first of all stated that the order of CIT(A) is totally non-speaking and nothing was considered by CIT(A). Secondly, the ld.AR stated that the DVO has not considered the objections filed by the assessee vide letter dated 27.11.2019. When it was pointed out that the DVO has determined the fair market value of the property vide report dated 28.11.2019, whereas the assessee has filed his letter raising objections to the DVO vide letter dated 27.11.2019 which was filed only on 29.11.2019, the ld.AR stated that in any case, the principles of natural justice have been violated. But, it was pointed out to ld.AR that the pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ., 28.11.2019, the objections filed on 29.11.2019 cannot be considered at all. He also contested that the DVO has provided opportunity of being heard to the assessee and allowed reasonable time to file any objection on or before 01.11.2019, but the assessee failed to avail of this opportunity. But, the ld. senior DR could not comment as regard to the objections filed by the assessee before CIT(A) and further stated that the CIT(A) referring the matter to DVO is in violation of provisions of the Act and he stated that the CIT(A) has no power to refer the matter to DVO as per Section 50C of the Act. In view of the above, the ld. senior DR stated that the orders of the lower authorities be confirmed. 6. We have heard rival contentions and gon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee has raised three more issues i.e., disallowance of improvement cost of Rs. 23,00,000/-, disallowance of deduction towards brokerage expenses of Rs. 8,80,000/- and disallowance of construction expenses of Rs. 12,99,124/- vide Ground Nos.6, 7 & 8 which reads as under:- "6. The learned CIT-[A] erred in confirming the action of the Assessing Officer in not allowing the improvement cost of Rs. 23,00,000/- claimed by the assessee on the property sold. 7. The learned CIT-[A] erred in confirming the action of the Assessing Officer in not allowing the deduction towards brokerage expenses of Rs. 8,80,000/- incurred for the property sold. 8. The learned CIT-[A] erred in confirming the action of the Assessing Officer in not allowing the constr ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
