9911796707
TMI Blog2023 (9) TMI 250X X X X Extracts X X X X X X X X Extracts X X X X ..... rket value as first proviso to clause-(vii) to sub-section 56(2). As find that despite sending the matter to DVO, CIT(A) has not waited for his report. Thus, we find that neither the AO has given opportunity to assessee before making addition u/s 56(2)(vii) of the Act nor the Ld. CIT(A) considered such objection raised by assessee during appellate stage nor waited for the report of DVO. Thus, find that the assessment order was passed in utter violation of principle of natural justice, which is not justifiable. Therefore, the addition made in the assessment order and confirmed by CIT(A) in the order impugned before me, is set aside. AO is directed to delete the addition u/s 56(2)(vii).Grounds of appeal raised by assessee are allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the appeal memo forming part of the statement of facts, including cogent explanations and submissions made in writing by the appellant on various dates along with the various enclosures attached with the said submission and hence, not justified. 3. Your appellant further reserves its right to add, alter, amend or modify any of the aforesaid grounds before or at the time of hearing of the appeal. 2. Rival submission of both the parties heard and record perused. The learned authorized representative (Ld. AR) for the assessee submits that Assessing Officer passed the assessment order without giving opportunity to assessee and passed assessment order by making addition of Rs. 4,43,3,66/- under section 56(2)(vii) of the Act. The add ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee alongwith other co-owners, however, the NFAC/Ld. CIT(A) has not waited for the report of DVO. Even before DVO, the assessee filed certain objections by way of detailed written submission. The Ld. AR for the assessee submits that both the lower authorities passed order without giving opportunity of hearing, therefore the assessment order as well as First Appellate Authority may be quashed. 3. In alternative submission, Ld. AR for the assessee submits that matter may be restored back to the file of Assessing Officer to give assessee fair and reasonable opportunity for de novo assessment order on the issue of addition under section 56(2)(vii) of the Act. 4. On the other hand, learned departmental representative (Ld. Sr-DR) for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mined on Stamp Valuation Authority, the Assessing Officer issued notice under section 133(6) to the Sub-Registrar, Navsari vide his reply dated 11.11.2016. in reply to such notice the Sub- Registrar furnished certified copy of registered document along with calculation sheet of the Stamp Valuation. The value as determined by Stamp Valuation Authority for land in Survey No. 89 Block No.230 Khata No.27 at Rs. 6,99,200/- and valued for land at Block No.3591, Moje : Sandalpore, Tal: Jalalpore, Dist. Navsari at Rs. 17,40,200/-, whereas assessee along with co-owners has shown the value on documents at Rs. 2.00 lakh and Rs. 8.50 lakh respectively. The Assessing Officer on the basis of the difference in the value shown by the assessee and his co-ow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d even if it falls within the particular circle or block as prescribed by Stamp Duty Valuation Authority. The assessee also submitted that as per section 56(2)(vii) (b), it was the duty of the Assessing Officer to refer the value to the Departmental Valuation Officer (DVO) where assessee claimed that value determined by Stamp Valuation Authority is in excess of fair market value as on the date of transfer. The assessee also referred various provision of Section 50C as well as 56(2)(vii)(b) and submitted that Assessing Officer was required to refer the matter before DVO for ascertain the value of capital assets. The assessee submitted that Assessing Officer made addition solely on the basis of valuation of Stamp Duty Authority and straightwa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y comment of Assessing Officer, and conveniently ignored such contention. I further find that assessee also made prayer for referring the matter to DVO to ascertain fair market value as first proviso to clause-(vii) to sub-section 56(2). I find that despite sending the matter to DVO, Ld. CIT(A) has not waited for his report. Thus, I find that neither the Assessing Officer has given opportunity to assessee before making addition under section 56(2)(vii) of the Act nor the Ld. CIT(A) considered such objection raised by assessee during appellate stage nor waited for the report of DVO. Thus, I find that the assessment order was passed in utter violation of principle of naturel justice, which is not justifiable. Therefore, the addition made in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
