Home Highlights November 2013 Year 2013 This

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1. Valuation u/s 50C - Reference not made to DVO - Assessing Officer ought to have referred the valuation of the capital asset to the Valuation Officer, whereas, the...

2. Unexplained investment u/s. 69 - DDIT (Inv.) could not have referred the question of cost of construction/valuation of the assessee’s building to the Valuation Officer...

3. Valuation of property u/s 50C - The mandatory language of Section 50C does not allow the AO to avoid making a reference thereunder and in surmising that the valuation...

4. Computation of LTCG - assessee objects Stamp Duty valuation u/s. 50C before AO and requested to reference to DVO - Based on precedent AO should have refered valuation to...

5. Applicability of section 50C - objection of the assessee against the value adopted by the stamp valuation authority - It is not optional for the Assessing Officer to...

6. Reference of matter to DVO - assessee challenged the fair market value adopted by the assessing officer during the course of assessment proceeding itself and made a...

7. Validity of Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment...

8. Applicability of section 50C – even though the assessee had made an objection for invoking Section 50C(1), the AO had not referred the valuation to the Valuation...

9. Addition u/s 50C - Capital Gains - For the purposes of third proviso to S. 50C(1) of I.T.Act; the valuation of the property by DVO has no relevance; and what is material...

10. Reference to Departmental valuation officer [DVO] without first rejecting the books of accounts - The Court reiterated the importance of rejecting the books of accounts...

11. Enhancement of Capital Gain - Initially the value was taken as determined by the Sub-Registrar - Later, on objection raised by asessee, matter was referred to DVO -...

12. Capital gain computation - valuation of property - Valuation report of DVO, after all, cannot be treated as the last word on valuation, and there has to be a grievance...

13. Reference to the DVO - Proceedings u/s 153-C has been held without jurisdiction - whether reference to DVO in 153-C proceeding is valid - Once the very basis for...

14. Mandatory reference to Valuation Officer when assessee objects to valuation adopted by Assessing officer on invocation of Section 50C - in accordance with the provisions...

15. Reference of the matter to the DVO for valuation - difference in value adopted for stamp violation and actual amount received for sale of the immovable property - there...