9911796707
TMI Blog2019 (1) TMI 296X X X X Extracts X X X X X X X X Extracts X X X X ..... f the consideration as per the circle rates and added 16,69,167/- to the total income of the assessee and similarly, Ld. CIT(A) has held that AO was fully justified in taking the full value of the consideration as per the value adopted for stamp duty purposes, as the assessee failed to substantiate the claim of distressing circumstances and also held on the issue of reference that it is not mandatory for the A.O. to refer the matter to DVO mandatorily, which in my opinion, is not sustainable in the eyes of law and against the law laid down in Home Finders Housing Ltd. vs. ITO, Corporate Ward 2(3) [2018 (7) TMI 199 - SUPREME COURT OF INDIA]. Set aside the issue in dispute to the AO with the directions to refer the matter to the DVO for valua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appreciation of relevant facts of the case. v) The appellant craves leave to add or amend any ground of appeal. 2. The brief facts of the case are that the assessee filed his return of income on 27.7.2015 declaring total income of ₹ 10,80,350/-, the same was duly processed u/s. 143(1) of the Act. Subsequently the case of the assessee was selected for scrutiny through CASS to examine the sale consideration of property is less than the value as per stamp authority. Notice u/s. 143(2) of the Income Tax Act, 1961 was issued on 26.7.2016 and subsequently, statutory notices u/s. 142(1) of the I.T. Act, 1961 were issued and in response to the same, the assessee has opted for E-scrutiny proceedings and filed necessary details which have be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A.R. of the assessee stated that assessee made a specific claim u/s. 50C(2)(a) that the circle rate of the shops exceeded the fair market value of the shops and a reference may kindly be made to the Valuation Officer. However, AO without making reference to the Valuation Officer to determine the fair market value of those properties and completed the assessment by considering the circle rate of these properties and made an addition of ₹ 16,69,167/- and raised a demand of ₹ 3,43,850/-. He further stated that once the assessee makes a request for reference to DVO, it is necessary to refer the matter to DVO as per 3rd proviso to section 56(2) r/w section 50C(2). Hence, he requested that the assessment order passed by the AO making ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eferred to the provisions u/s. 50C(1) of the Act and held that the value adopted for stamp duty purposes shall be deemed to be the full value of the consideration received as a result of such transfer. Hence, the AO assessed full value of the consideration as per the circle rates and added ₹ 16,69,167/- to the total income of the assessee and similarly, Ld. CIT(A) has held that AO was fully justified in taking the full value of the consideration as per the value adopted for stamp duty purposes, as the assessee failed to substantiate the claim of distressing circumstances and also held on the issue of reference that it is not mandatory for the A.O. to refer the matter to DVO mandatorily, which in my opinion, is not sustainable in the e ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
