Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
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.
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