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TMI Blog2024 (1) TMI 168X X X X Extracts X X X X X X X X Extracts X X X X ..... amoorthy For the Petitioner : Mr.N.Ramakrishnan For the Respondents : Ms.S.Premalatha, Jr.SC (IT) ORDER By this writ petition, the petitioner seeks a direction to the fourth respondent to dispose of the statutory appeal filed by the petitioner challenging the assessment order dated 24.03.2023 in respect of the assessment year 2018 - 2019 within a reasonable time. An interim stay of collection ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Income Tax, 2010(1) CTC 54, wherein this Court recognized that Section 50C of the Income Tax Act confers a vital statutory right on an assessee with regard to requesting for the valuation of an asset by the Departmental Valuation Officer. 6. Ms.S.Premalatha, Jr.SC(IT), accepts notice for the respondents. She submits that the assessment order was issued prior to the receipt of the valuation repo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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