TMI Blog2024 (2) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... view that the order passed by CIT(A) cannot be sustained and further, this issue requires fresh examination at the end of the AO. Accordingly, we set aside the order passed by Ld CIT(A) on this issue and restore the same to the file of the AO for examining it afresh. We also direct the assessee to fully co-operate with the AO for expeditious completion of assessment proceedings. Deemed dividend u/s 2(22)(e) - According to the AO, the assessee is a director in a closely held company and during the year under consideration, she has taken advance besides salary - HELD THAT:- Admittedly, the shareholding pattern of above said company at the time of taking of advance by the assessee was not examined by the AO, which would have determined th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f property in the year 2023, for determining the value of property as on 2012. In our view, this approach of the CIT(A) is also not correct and the provisions of sec. 50C do not contemplate such an approach. CIT(A) did not call for remand report from the AO with regard to the sources explained by the assessee. Accordingly, we are of the view that this issue requires fresh examination at the end of the AO. Accordingly, we set aside the order passed by CIT(A) on this issue and restore the same to the file of the AO for both the issues, viz., addition made u/s 50C and u/s sec. 56(2)(vii) afresh. We also direct the assessee to fully co-operate with the AO for expeditious completion of assessment proceedings. - Shri B R Baskaran, AM And M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e will not serve any purpose, meaning thereby, the Ld CIT(A) has not given proper reasoning for rejecting the documents filed by the assessee. Further, the Ld CIT(A) did not call for remand report from the AO in respect of the documents filed by the assessee, which is usually done. Accordingly, we are of the view that the order passed by Ld CIT(A) cannot be sustained and further, this issue requires fresh examination at the end of the AO. Accordingly, we set aside the order passed by Ld CIT(A) on this issue and restore the same to the file of the AO for examining it afresh. We also direct the assessee to fully co-operate with the AO for expeditious completion of assessment proceedings. 4. We shall now take up the appeal filed for AY 2012 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ttedly, the shareholding pattern of above said company at the time of taking of advance by the assessee was not examined by the AO, which would have determined the applicability of sec.2(22)(e) of the Act. According to the assessee, she has resigned from the Board and also does not hold substantial interest. However, the assessee has not furnished any supporting documents to substantiate above submissions. Besides the above, the provisions of sec.2(22)(e)exclude advances given to a shareholder during the course of carrying on business for business purposes. It is the contention of the assessee that the above said advance was given to her in the capacity of an employee and hence it was so given during the course of carrying on business for b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yet the Ld CIT(A)rejected them and accordingly held that the assessee did not have proper sources for purchase of property at Rs. 1.25 crores. Accordingly, he enhanced the assessment by Rs. 1.25 crores. 8. We heard the parties and perused the record. Under the provisions of sec. 50C, the AO is bound to refer the matter of valuation to the DVO, if the assessee is disputing the valuation determined by Stamp duty authorities. Though the assessee has demanded for referring the matter to the DVO before the Ld CIT(A), yet the Ld CIT(A) rejected the same, which, in our view, is in violation of sec. 50C of the Act. Further, we notice that the Ld CIT(A) has relied upon internet information about the valuation of property in the year 2023, for det ..... X X X X Extracts X X X X X X X X Extracts X X X X
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