Home Highlights November 2013 Year 2013 This

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1. Valuation u/s 50C - Reference not made to DVO - Assessing Officer ought to have referred the valuation of the capital asset to the Valuation Officer, whereas, the...

2. Unexplained investment u/s. 69 - DDIT (Inv.) could not have referred the question of cost of construction/valuation of the assessee’s building to the Valuation Officer...

3. The assessee objected to the valuation report prepared by the district valuation officer and the stamp duty rate. The assessing officer referred the matter to the...

4. Valuation of property u/s 50C - The mandatory language of Section 50C does not allow the AO to avoid making a reference thereunder and in surmising that the valuation...

5. Computation of LTCG - assessee objects Stamp Duty valuation u/s. 50C before AO and requested to reference to DVO - Based on precedent AO should have refered valuation to...

6. Applicability of section 50C - objection of the assessee against the value adopted by the stamp valuation authority - It is not optional for the Assessing Officer to...

7. Reference of matter to DVO - assessee challenged the fair market value adopted by the assessing officer during the course of assessment proceeding itself and made a...

8. Validity of Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment...

9. Applicability of section 50C – even though the assessee had made an objection for invoking Section 50C(1), the AO had not referred the valuation to the Valuation...

10. Addition u/s 50C - Capital Gains - For the purposes of third proviso to S. 50C(1) of I.T.Act; the valuation of the property by DVO has no relevance; and what is material...

11. Reference to Departmental valuation officer [DVO] without first rejecting the books of accounts - The Court reiterated the importance of rejecting the books of accounts...

12. Enhancement of Capital Gain - Initially the value was taken as determined by the Sub-Registrar - Later, on objection raised by asessee, matter was referred to DVO -...

13. Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

14. Capital gain computation - valuation of property - Valuation report of DVO, after all, cannot be treated as the last word on valuation, and there has to be a grievance...

15. The assessee purchased agricultural land whose stamp duty valuation was lower than the actual purchase consideration. The authorities sought to invoke section 56(2)(x)...