9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (9) TMI 1085 - AT - Income TaxValidity of reopening of assessment u/s 147 - non-service of notice u/s.148 - HELD THAT - As the assessee's mother had appeared before the A.O. and notice was served to her. The assessee's mother had had participated in the assessment proceedings. Therefore, the ground taken in the appeal regarding non-service of notice u/s. 148 of the I.T. Act is dismissed. No notice u/s. 142(1) issued - CIT(A) had categorically held that notice u/s. 142(1) of the I.T. Act dated 18.01.2016 was issued to the assessee and in response to the above notice the assessee's mother appeared on behalf of the assessee and the case was discussed. The categorical finding of the CIT(A) has not disproved by the assessee. Therefore, the ground taken with regard to non-service of notice u/s. 142(1) of the I.T. Act is also rejected. Capital gain computation - fair market value of the property is less than the guidance value - whether has erred in invoking the provisions of section 50C ? - It is settled position of law that the CIT(A)'s powers are co-terminus with that of the Assessing Officer. The Hon'ble Calcutta High Court in the case of Sunil Kumar Agarwal v. CITI 2017 (6) TMI 542 - ITAT DELHI had held that the Assessing Officer has a bounden duty to educate the assessee regarding the possible reliefs available to him, and even in a case where no specific reference to the Valuation Officer was sought by the assessee, it was the duty of the Assessing Officer that such option was available to him. Thus restore the matter to the Assessing Officer to refer the issue to the DVO to arrive at the fair market value of the impugned property. It is ordered accordingly. Appeal filed by the assessee is partly allowed for statistical purposes.
Issues:
1. Delay in filing the appeal before the Tribunal. 2. Applicability of sections 147/148 of the Income Tax Act. 3. Service of notice u/s. 148 and u/s. 142(1) of the Act. 4. Application of section 50C of the Income Tax Act. 5. Valuation of the property by the Valuation Officer. Analysis: 1. Delay in filing the appeal: The Registry initially marked a 2-day delay in filing the appeal, but the learned AR successfully argued that the appeal was filed within the stipulated time frame, considering the intervening days of Saturday and Sunday. The Tribunal found no delay and proceeded to hear the appeal on its merits. 2. Applicability of sections 147/148: The Assessing Officer had issued notices under sections 147/148 of the Income Tax Act, and the assessee's mother appeared during the assessment proceedings. The Tribunal dismissed the ground regarding non-service of notice u/s. 148, as the mother's participation was considered valid. 3. Service of notice u/s. 142(1): The CIT(A) confirmed that a notice u/s. 142(1) was issued to the assessee, and the assessee's mother attended on behalf of the assessee. The Tribunal rejected the contention of non-service of notice u/s. 142(1) as the CIT(A)'s findings were not disproved. 4. Application of section 50C: The assessee objected to the applicability of section 50C for calculating capital gains. Citing judicial precedents, the Tribunal acknowledged the assessee's request for valuation of the property by the Valuation Officer. Relying on the decisions of various courts, the Tribunal directed the Assessing Officer to refer the issue to the DVO to determine the fair market value of the property. 5. Valuation by the Valuation Officer: The Tribunal, based on legal principles and precedents, ordered the matter to be restored to the Assessing Officer for valuation by the DVO to ascertain the fair market value of the property. This decision was made to ensure compliance with legal provisions and fair assessment of the capital gains. In conclusion, the appeal filed by the assessee was partly allowed for statistical purposes, with the Tribunal providing detailed reasoning and directions on each issue raised during the proceedings. The judgment emphasized adherence to legal procedures, proper application of tax laws, and the importance of fair valuation in determining tax liabilities.
|
