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Income Tax - Highlights / Catch Notes

Home Highlights March 2017 Year 2017 This

Additions made on the basis of the reevaluation of the ...

Income Tax

March 9, 2017

Additions made on the basis of the reevaluation of the assesses’s property - the valuation by the banker, who provided credit could well be different from the valuation report for the transaction given that the assessee had purchased the property long ago - HC

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  1. Valuation of property – FMV of a property at Nacharam cannot be determined on the basis of few instances of sale at Banjara Hills as it is not in the immediate vicinity - AT

  2. Addition solely on the basis of Departmental valuation report – addition cannot be justified solely relying upon the valuation report - HC

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