2014 (3) TMI 179

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..... levied by the AO u/s 271(1)(c) without considering the fact that assessee herself admitted that the provisions of sec. 50C are applicable in the case but furnished inaccurate particulars of her income of Long term capital gain. 2. That the order of the Ld Commissioner of Income Tax (Appeals) being erroneous in law and on facts deserves to be set aside and the order of the AO be restored. 3. That the appellant craves leave to modify any of the grounds of appeal or take additional ground during the pendency of this appeal." 2. Briefly stated, the relevant material acts are like this. During the assessment proceedings, the A.O. noted that the assessee has sold property on 27.12.2002 for Rs.45,00,000/-, but in terms of provisions of section .....

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..... on record and the assessee shall make an attempt to locate the structural drawing of the building of which her late husband has been owner since 1966. We further direct that the A.O. shall also make necessary efforts to obtain structural drawing, site plan etc. from the Municipal Authorities etc., and or available in the assessment records of the assessee of the earlier years. Thus, we hold that it shall be obligatory on the part of the D.V.O. to estimate the value of the property on the basis of whatever material is made available to him. The A.O. can correct the value of the D.V.O. to the extent permissible under the Act. Accordingly, the said issue addressed by ground no.1 & 2 is restored back to the A.O. with the above directions." 4. .....

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..... 50C; then the matter may kindly be referred to Valuation Cell, as per the provisions of section 50C(2) of the Act. It is on record that the Hon'ble ITAT directed for the reference to Valuation Cell and capital gain has been finally computed as per the revised valuation made by the Valuation Cell. 4.3 Thus, not only all the facts were duly disclosed, but even the assessment has finally been made as per the provisions of section 50C incline with direction issued by the Hon'ble ITAT. 4.4 Even if we do not agree with the appellant's objections to the value made by the Valuation Cell and legal objections on the issue of section 59C; we have to accept the contention that the addition, on the basis of which impugned penalty has been levied, is .....

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