Income Tax - Highlights / Catch Notes

In the case of 2024 (5) TMI 1097 before the ITAT Kolkata, the ...

ITAT Kolkata held that addition u/s 50C not sustainable as lower authorities failed to refer to DVO for fair property value.

Case Laws Income Tax

May 23, 2024

In the case of 2024 (5) TMI 1097 before the ITAT Kolkata, the issue revolved around the addition made u/s 50C of the Income Tax Act. The assessee had contended that the fair market value of the property was lower than the value adopted by the stamp duty authority and requested a reference to the Departmental Valuation Officer (DVO) as per the provisions of section 50C. Both the Assessing Officer and CIT(A) rejected this contention without providing any reason, thereby not following the statutory provisions of section 50C(2). The ITAT held that the addition made by the Assessing Officer was not sustainable in law. Citing the decision in Hari Om Garg [2019 (5) TMI 1834 - ITAT Agra] and other High Court cases, the ITAT ruled in favor of the assessee, ordering the deletion of the addition. The appeal of the assessee was allowed, and the addition made by the lower authorities was deemed unsustainable and ordered to be deleted.

View Source

← Previous Next →

In the case of 2024 (5) TMI 1097 before the ITAT Kolkata, the ...

ITAT Kolkata held that addition u/s 50C not sustainable as lower authorities failed to refer to DVO for fair property value.

Case Laws Income Tax

May 23, 2024

You may also like:

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...

Capital gains – In view of the provisions of sub-section (2) of section 50C, if fair market value as assessed by the DVO is lower than the value adopted by Stamp Duty...

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...

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...

Capital gain computation - stamp duty valuation adopted by authorities - Since the assessee is disputing the value adopted by government authorities for levy of stamp...

Addition applying the provisions of section 50C - Once the assessee has raised the objection against the adoption of deemed full value consideration in terms of section...

Capital gain computation - addition u/s 50C - DVO has done the valuation in a very arbitrary manner. He has preferred rates of nearby plots despite noting himself an...

Capital gain - value determined by the DVO - entitled for the benefit of proviso to section 50C(1) - Regarding two properties, there is a difference of 14.77% and 14.58%...

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...

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 -...

Taxability of long term capital gain on sale of immovable property - value u/s 50C - difference in value determined by the SVA and DVO - These facts clearly establish...

Computation of the long term capital gain by applying the provisions of sec. 50C - When this DVO’s report is proved as wrong, then it is open to the authorities to...

LTCG - addition after invoking section 50C - AO directed to adopt fair market price of the relevant capital asset to be average of assessee’s and DVO’s valuation‘s issue

Computation of capital gain – Matter referred to DVO – Action of Assessing Officer perfectly in accordance with law in view of provisions of Section 50C - AT

Addition as short term capital gain by invoking the provisions of section 50C - difference between the declared sale consideration and the market value is within the...

Quick Updates: