TMI Blog2023 (2) TMI 798X X X X Extracts X X X X X X X X Extracts X X X X ..... e with the sale value taken by the assessee and thus the matter needs verification - HELD THAT:- There is a difference between the sale value as determined by the assessee in the sale deed and the value adopted by the Stamp Duty Valuation Authority and the same needs verification in respect of the Jantri value as well as actual value of the property. AO as well as the CIT(A) has not taken cognisance as per the provisions of Section 50C and, therefore, this requires proper verification and adjudication. Thus, the issue is remanded back to the file of the AOfor proper adjudication and verification in respect of valuation by DVO and Jantri value as well as the sale value taken into account by the assessee and by the Department and adjudicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 24,32,800/- for stamp duty purpose. Therefore, the Assessing Officer observed that the assessee had shown sale value of the said property less by Rs.19,42,800/- and as the assessee did not file return of income though the amount of capital gain of Rs.24,32,800/- the same is chargeable to tax under Section 45 r.w.s. 50C of the Income Tax Act, 1961. The Assessing Officer, after recording the reasons, reopened the assessment of the assessee by issuing notice under Section 148 of the Act dated 03.02.2016 after obtaining necessary approval. Therefore, notice under Section 142(1) of the Act was issued on 14.07.2016. Despite giving several opportunities, the assessee did not file any details and, therefore, the Assessing Officer passed the Assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Y. by showing sale value of Rs.4,90,000/- in sale deed. The Sub-registrar has taken the Jantri value of the said property at Rs.24,32,800/- for stamp duty purposes. There is a difference between the sale value as determined by the assessee in the sale deed and the value adopted by the Stamp Duty Valuation Authority and the same needs verification in respect of the Jantri value as well as actual value of the property. The Assessing Officer as well as the CIT(A) has not taken cognisance as per the provisions of Section 50C of the Act and, therefore, this requires proper verification and adjudication. Thus, the issue is remanded back to the file of the Assessing Officer for proper adjudication and verification in respect of valuation by DVO an ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
