TMI Blog2023 (2) TMI 642X X X X Extracts X X X X X X X X Extracts X X X X ..... fication? On the issue of addition u/s 50C the Ld. DR agreed that due procedure prescribed for valuation of FMV has not been followed. Lot of emphasis has been laid on interpretation of the word may occurring in section 50C(2) of the Act ignoring that the word may also be interpreted as shall if the context so requires. We are, therefore of the considered view that a fresh look needs to be given to both the issues. We, therefore set aside the order of the Ld. CIT(A) and restore both the issues to the file of the Ld. AO to decide them afresh in accordance with law after allowing adequate opportunity of hearing to the assessee. Appeal of the assessee is treated as allowed for statistical purposes. - ITA No.6239/Del/2019 - - - Dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... That on the facts and circumstances of case and in law, the learned CIT(Appeals) has erred in law and on the facts ignoring the submission dated 14.11.2017 and 29.11.2017 of the AR of appellant, considering the sale consideration as per the provisions of section 50C of the Act without being referred refereed to the valuation of the property under question. 4. That on the facts and circumstances of case and in law, the learned CIT(Appeals) has erred in law and on the facts in confirming action of the AO that provision for making a reference to valuation officer though not mandatory as the word used is may used but once the appellant seeks the reference to the valuation officer the word may should be read as shall in the section 50C( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee replied that it was engaged in the business of offset printing press till 31.02.2014 but took temporary break due to some private plan of the company. 4.1 The explanation of the assessee was not acceptable to the Ld. AO. Since no business activity was carried out during the year, the Ld. AO disallowed the said loss and added it to the income of the assessee. 4.2 The appeal of the assessee on this issue before the Ld. CIT(A) was not successful. Hence the assessee is in appeal before the Tribunal and Ground No. 1 and 2 relate thereto. 5. On perusal of details filed by the assessee, the Ld. AO found that the assessee has sold immovable property for consideration of Rs. 90,00,000/- but as per sale deed the stamp value of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2022, 23.11.2022 and 08.08.2022 but none appeared for and/or on behalf of the assessee though Ld. DR attended the hearing on all the above dates. We, therefore, proceed to decide the appeal ex-parte after hearing the Ld. DR. 7. We have gone through the order of the Ld. AO as also the appellate order of the Ld. CIT(A). We have considered the submissions of the Ld. DR as well. Perusal of the record shows that the case of the assessee for its claim of loss of Rs. 25,39,908/- is that the business activity of the assessee has been temporarily suspended. The assessee incurred the expenses on account of wages and salary to staff and other financial expenses related to the business in order to keep the corporate entity intact which is a going c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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