9911796707
TMI Blog2024 (6) TMI 1204X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 50C of the Act so as to compare the actual sale consideration with the stamp duty valuation as on date of the allotment letter (supra). Hence, the impugned order passed by the Ld. CIT(A) is set aside - Appeal filed by the assessee is allowed for statistical purposes. - SHRI KULDIP SINGH, JUDICIAL MEMBER AND MS. PADMAVATHY S, ACCOUNTANT MEMBER For the Assessee : Shri Subhash Chhajed, A.R. For the Revenue : Shri Manoj Kumar Sinha, D.R. ORDER Per : Kuldip Singh, Judicial Member : The appellant, Mr. Amrin Mohamed Umar Khimani (hereinafter referred to as the assessee ) by filing the present appeal, sought to set aside the impugned order dated 23.03.2023 passed by the National Faceless Appeal Centre(NFAC) [Commissioner of Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ances of the case and in law, the Ld. CIT(A) erred in confirming the action of the Ld. AO of not making the reference to the DVO for valuation of property as on the date of Allotment being 20/12/2014 as per the Allotment letter issued by the Builder, despite specific request by the 2. Briefly stated facts necessary for consideration and adjudication of the issues at hand are : the assessee is into the business of manufacturing of articles of concrete, cement and plaster under the name and style of M/s. Smart Tiles, filed return of income declaring total income at Rs.5,47,090/- which was processed under section 143(1) of the Income Tax Act, 1961 (for short the Act ). During the assessment proceedings it was noticed that the assessee had purc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... present appeal. 4. We have heard the Ld. Authorised Representatives of the parties to the appeal, perused the orders passed by the Ld. Lower Revenue Authorities and documents available on record in the light of the facts and circumstances of the case and law applicable thereto. 5. Undisputedly the flat in question was allotted in favour of the assessee by M/s. Bahist Enterprises Pvt. Ltd. on 20.12.2014 for a consideration of Rs.25,80,000/- on making payment of Rs.1,00,000/- through banking channel. It is also not in dispute that the stamp duty valuation of the property in question as on 16.09.2017 was Rs.92,77,037/-. It is also not in dispute that the assessee as per allotment letter paid total amount of Rs.30,75,680/- i.e. Rs.25,80,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould have referred the matter to the DVO as per section 50C of the Act. During the assessment proceedings the assessee has written letter dated 26.04.2022 to the AO available at page 119 to 122 of the paper book to refer the matter to DVO but the AO has proceeded to decide the issue as per his whims and fancies which is not permissible under the law. 9. However, on the other hand, the Ld. D.R. for the Revenue relied upon the order passed by the AO as well as the Ld. CIT(A). 10. The Ld. A.R. for the assessee also relied upon the order passed by the co-ordinate Bench of the Tribunal in case of Parth Dashrath Gandhi vs. Addl./Deputy/Asst. Commissioner of Income Tax in ITA No.1990/M/2022 for A.Y. 2018-19 order dated 31.01.2023 which is on ident ..... X X X X Extracts X X X X X X X X Extracts X X X X
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