ITAT allowed the assessee's appeal and quashed the assessment...

ITAT allowed the assessee's appeal and quashed the assessment order u/s 143(3) r/w 144B and the rectification order u/s 154. It held that the AO, having invoked s.50C(2), was bound to await the DVO's report and follow the procedure incorporating s.16A of the Wealth-tax Act, including affording the assessee an opportunity of being heard. Proceeding on stamp duty valuation without the DVO's determination violated the mandatory procedural safeguard and principles of natural justice, rendering the assessment unsustainable. ITAT further held that the CIT(A) failed to deal with cited precedents and denied effective opportunity regarding cost and expense claims, vitiating the appellate order.

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