9911796707
TMI Blog2021 (1) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... and recorded his satisfaction in accordance with the requirement of section 151(2) - In the absence of any clear findings from the learned CIT(A) along with date of approval, if any, as required u/s 151(2) of the Act, it is very difficult to concur with the findings recorded by the learned CIT(A) that requirement of section 151(2) of the Act has been complied with before issue of notice. In this case, neither notice issued u/s.148 specifies the requirement of section 151(2) of the Act, nor the learned CIT(A) has brought on record the evidence available on assessment records. In the absence of evidence, the findings of the learned CIT(A) that necessary sanction as envisaged under 151(2) of the Act was taken from the competent authority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the circumstances of the case and in law, as no income has escaped assessment to tax, in the facts and the circumstances of the case and in law. 4. For these and other additional grounds of appeal that may be adduced at the time of hearing, the order of the Commissioner of Income Tax (Appeals)-,Coimbatore, is opposed to law and unsustainable in the facts and the circumstances of the case. 3. Brief facts of the case are that the assessee is an individual filed his return of income for the assessment year 2007-08 on 31.10.2007 declaring total income of ₹ 16,06,978/-. The case has been subsequently reopened for the reasons recorded, as per which income chargeable to tax had been escaped assessment on account of under valuati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was not convinced with the explanation furnished by the assessee , accordingly he was of the view that assessee has understated the sale consideration of the property, which is evident from the fact that as per registration deed guideline value of the property is at ₹ 6,96,000/- and therefore, opined that for the purpose of computation of long term capital gain, full value of consideration needs to be taken as per the provisions of section 50C of the Act and accordingly adopted the value of Rs. 6,96,000/- and recomputed the long term capital gain and made addition of Rs. 5,11,000/- under the head income from capital gain . 4. Being aggrieved by the assessment order, the assessee preferred an appeal before learned CIT(A) . Before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he valuation officer. Since the assessee has failed to make out a case which falls under the provisions of section 50C(2) of the Act, the action of the Assessing Officer in completing the assessment without referring to valuation officer is in accordance with law. Accordingly, there is no error in the findings recorded by the Assessing Officer to recompute the long term capital gain by taking into account full value of sale consideration as mandated under the provisions of section 50C of the Act. Aggrieved by the learned CIT(A) order, the assessee is in appeal before us. 6. The learned AR for the assessee submitted that learned CIT(A) ought to have held that Assessing Officer has exceeded his jurisdiction u/s.147 of the Act and therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recorded in registered sale deed and value adopted by stamp duty authorities and hence, as required u/s.50C(1) of the Act, the Assessing Officer has to consider full value consideration as per stamp duty value and accordingly, there is no error in the findings recorded by the Assessing Officer to recompute long term capital gains from sale of property. 8. We have heard both the parties, perused the material available on record and gone through the orders of authorities below. As regards the legal issue taken by the assessee challenging validity of notice u/s.148 of the Act in light of requirements of section 151(2), we find that although, the learned CIT(A) has stated in para 5 of his order that necessary sanction as envisaged u/s.151(2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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