Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Where an assessee disputes stamp-duty valuation under section 56(2)(x), distinguishes the valuation of different portions of the property, and requests a reference to the Departmental Valuation Officer, the Assessing Officer must make that reference before adopting the stamp-duty value. The basement and ground floor could not be valued on the same basis without addressing the assessee's objections through a reasoned finding. Adoption of the stamp-duty valuation without a valuation reference was therefore unjustified, and the addition for the difference between declared purchase consideration and stamp-duty value was deleted to the assessee's share.
Where an assessee disputes stamp-duty valuation under section 56(2)(x), distinguishes the valuation of different portions of the property, and requests a reference to the Departmental Valuation Officer, the Assessing Officer must make that reference before adopting the stamp-duty value. The basement and ground floor could not be valued on the same basis without addressing the assessee's objections through a reasoned finding. Adoption of the stamp-duty valuation without a valuation reference was therefore unjustified, and the addition for the difference between declared purchase consideration and stamp-duty value was deleted to the assessee's share.
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