Tribunal partly allows appeal, orders fair market valuation for property. Upholds validity of notice service.

The Tribunal partly allowed the appeal filed by the assessee for statistical purposes. The Tribunal found no delay in filing the appeal and proceeded to hear it on its merits. It dismissed the ground regarding non-service of notice u/s. 148 as the mother's participation was considered valid. The Tribunal also rejected the contention of non-service of notice u/s. 142(1) and directed the Assessing Officer to refer the issue to the DVO for fair market valuation of the property under section 50C. The decision aimed at ensuring compliance with legal provisions and fair assessment of capital gains.

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Issues:
1. Delay in filing the appeal before the Tribunal.
2. Applicability of sections 147/148 of the Income Tax Act.
3. Service of notice u/s. 148 and u/s. 142(1) of the Act.
4. Application of section 50C of the Income Tax Act.
5. Valuation of the property by the Valuation Officer.

Analysis:
1. Delay in filing the appeal: The Registry initially marked a 2-day delay in filing the appeal, but the learned AR successfully argued that the appeal was filed within the stipulated time frame, considering the intervening days of Saturday and Sunday. The Tribunal found no delay and proceeded to hear the appeal on its merits.

2. Applicability of sections 147/148: The Assessing Officer had issued notices under sections 147/148 of the Income Tax Act, and the assessee's mother appeared during the assessment proceedings. The Tribunal dismissed the ground regarding non-service of notice u/s. 148, as the mother's participation was considered valid.

3. Service of notice u/s. 142(1): The CIT(A) confirmed that a notice u/s. 142(1) was issued to the assessee, and the assessee's mother attended on behalf of the assessee. The Tribunal rejected the contention of non-service of notice u/s. 142(1) as the CIT(A)'s findings were not disproved.

4. Application of section 50C: The assessee objected to the applicability of section 50C for calculating capital gains. Citing judicial precedents, the Tribunal acknowledged the assessee's request for valuation of the property by the Valuation Officer. Relying on the decisions of various courts, the Tribunal directed the Assessing Officer to refer the issue to the DVO to determine the fair market value of the property.

5. Valuation by the Valuation Officer: The Tribunal, based on legal principles and precedents, ordered the matter to be restored to the Assessing Officer for valuation by the DVO to ascertain the fair market value of the property. This decision was made to ensure compliance with legal provisions and fair assessment of the capital gains.

In conclusion, the appeal filed by the assessee was partly allowed for statistical purposes, with the Tribunal providing detailed reasoning and directions on each issue raised during the proceedings. The judgment emphasized adherence to legal procedures, proper application of tax laws, and the importance of fair valuation in determining tax liabilities.

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