9911796707
TMI Blog2024 (1) TMI 168X X X X Extracts X X X X X X X X Extracts X X X X ..... of the relevant immovable asset represents the real market value. Such conclusion has been drawn without awaiting the valuation report from the third respondent. As a consequence, in spite of the petitioner asserting and reiterating that the sale consideration specified in the sale deed represents the fair market value, the petitioner has been put to prejudice without any material to support the conclusion that the guideline value represents the fair market value. Therefore, the petitioner is entitled to an interim stay of coercive action pending disposal of the statutory appeal. It is needless to say that it is also just and necessary that the statutory appeal be disposed of expeditiously. The fourth respondent is directed to dispose of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income for the assessment year 2018 - 2019 was selected for scrutiny and that notices were issued calling upon her to show cause as to why the sum of Rs. 32,68,000/-, which represents the difference between the income disclosed in the return and the guideline value, should not be treated as income from other sources as per Section 56(2)(x) of the Income Tax Act, 1961 (the Income Tax Act). By response dated 02.02.2023, the petitioner reiterated that the document value represents the fair market value and that a reference should be made to the Departmental Valuation Cell for determination of the fair market value. 4. By acceding to such request, the valuation of the relevant property was referred to the Departmental valuation Officer, name ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fied in the sale deed represents the fair market value, the petitioner has been put to prejudice without any material to support the conclusion that the guideline value represents the fair market value. Therefore, the petitioner is entitled to an interim stay of coercive action pending disposal of the statutory appeal. It is needless to say that it is also just and necessary that the statutory appeal be disposed of expeditiously. 8. Accordingly, W.P.No.35678 of 2023 is disposed of with the following directions: (i) The fourth respondent is directed to dispose of the statutory appeal against the assessment order in ITBA/AST/S/147/2022- 23/1051280393(1) dated 24.03.2023 within a maximum period of three months from the date of receipt of a cop ..... X X X X Extracts X X X X X X X X Extracts X X X X
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