Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
u/s 56(2)(vii)(b), the addition was made based on the difference between the stated value and the District Valuation Officer's (DVO) valuation. It was held that an addition cannot be made solely based on the DVO's valuation report. The land-locked issue was duly considered by both the DVO and independent valuer during property valuation. The impugned lands were land-locked properties, and the independent valuer considered the market value. The Department Representative did not submit any contrary judgment or make a strong argument against the facts cited by the assessee. After considering the different valuation reports, the independent valuer's valuation was accepted, and the land's market value was confirmed. Consequently, the addition made by the Commissioner of Income Tax (Appeals) was quashed, and the assessee's appeal was partly allowed.
u/s 56(2)(vii)(b), the addition was made based on the difference between the stated value and the District Valuation Officer's (DVO) valuation. It was held that an addition cannot be made solely based on the DVO's valuation report. The land-locked issue was duly considered by both the DVO and independent valuer during property valuation. The impugned lands were land-locked properties, and the independent valuer considered the market value. The Department Representative did not submit any contrary judgment or make a strong argument against the facts cited by the assessee. After considering the different valuation reports, the independent valuer's valuation was accepted, and the land's market value was confirmed. Consequently, the addition made by the Commissioner of Income Tax (Appeals) was quashed, and the assessee's appeal was partly allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
