Common portal notice after GST registration cancellation was insufficient; physical service and hearing were required before adjudication could procee...
HC quashed orders rejecting assessee's request for revision u/s 264. Differential value between sale deed and stamp duty valuation exceeded Rs. 50,000, invoking Section 56(2)(vii)(b)(ii). Stamp duty valuation of Rs. 97,69,000 adopted by SRO to be considered for computing income. AO to refer valuation to Valuation Officer if disputed u/s 50C(2). Assessee can raise objections before revisional authority u/s 264 or appellate authority u/s 246A. Cases remitted to AO for fresh adjudication u/s 56(2)(vii)(c) proviso read with Section 50C(2).
HC quashed orders rejecting assessee's request for revision u/s 264. Differential value between sale deed and stamp duty valuation exceeded Rs. 50,000, invoking Section 56(2)(vii)(b)(ii). Stamp duty valuation of Rs. 97,69,000 adopted by SRO to be considered for computing income. AO to refer valuation to Valuation Officer if disputed u/s 50C(2). Assessee can raise objections before revisional authority u/s 264 or appellate authority u/s 246A. Cases remitted to AO for fresh adjudication u/s 56(2)(vii)(c) proviso read with Section 50C(2).
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