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TMI Blog2022 (7) TMI 1583X X X X Extracts X X X X X X X X Extracts X X X X ..... lue determined by DVO has to be considered for computing capital gain in terms with sub-section (3) of section 50C. Therefore, sub-section (1) to section 50C cannot be considered in isolation. By making an adjustment of the nature contemplated under sub-section (1) to section 50C, that too, by CPC, the Department takes away a valuable statutory right given to the assessee to object to the value determined by stamp valuation authority. Therefore, such type of adjustment, cannot be made u/s 143(1)(a). This is so because, at the stage of processing of return u/s 143(1)(a), if such an adjustment is made, the assessee does not get an opportunity to object, as per section 50C(2). More so, when conditions of the 1st and 2nd proviso to section 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in absence of any opportunity of hearing before the CPC, Bengaluru and NFAC the orders passed by the authorities are in violation of Principles of Natural Justice. 8. The Assessee craves leave to add, amend, alter, delete, rescind, forgo or withdraw any of the above grounds of Appeal. 3. As could be seen from the grounds raised, the core issue relates to addition made under section 50C(1) of the Income-tax Act, 1961 (in short 'the Act') by way of an adjustment, while processing the return of income under section 143(1)(a) of the Act at Centralized Processing Center (CPC). 4. Briefly the facts are, the assessee filed its return of income for the impugned assessment year on 26th August, 2019 declaring income of Rs.18,22,220/-. While p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of loss claimed, if return of the previous year for which set off of loss is claimed was furnished beyond the due date specified under sub-section (1) of section 139; (iv) disallowance of expenditure 68[or increase in income] indicated in the audit report but not taken into account in computing the total income in the return; (v) disallowance of deduction claimed under 69[section 10AA or under any of the provisions of Chapter VI-A under the heading "C.- Deductions in respect of certain incomes", if] the return is furnished beyond the due date specified under sub-section (1) of section 139; or (vi) addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been included in computing the total income in the retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... place of the declared sale consideration, however, sub-section (2) carves out an exception by providing that if the assessee objects to the stamp duty value, the valuation has to be referred to the Department Valuation Officer (DVO) and in case the value determined by the DVO is lower than the stamp duty value, the value determined by DVO has to be considered for computing capital gain in terms with sub-section (3) of section 50C. Therefore, sub-section (1) to section 50C cannot be considered in isolation. By making an adjustment of the nature contemplated under sub-section (1) to section 50C, that too, by CPC, the Department takes away a valuable statutory right given to the assessee to object to the value determined by stamp valuation au ..... X X X X Extracts X X X X X X X X Extracts X X X X
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