Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
An assessing officer must not treat the value adopted by the registering/stamp valuation authority as deemed sale consideration under Section 50C without referring the matter to the departmental Valuation Officer/Valuation Cell to determine fair market value; where the assessee disputed the adopted value and did not participate, the AO should still use the statutory valuation machinery and afford the assessee a reasonable opportunity to be heard and to produce fresh documentary evidence. The assessment was set aside and remitted for valuation by the DVO and recomputation of short term capital gains in accordance with law after hearing the assessee.
An assessing officer must not treat the value adopted by the registering/stamp valuation authority as deemed sale consideration under Section 50C without referring the matter to the departmental Valuation Officer/Valuation Cell to determine fair market value; where the assessee disputed the adopted value and did not participate, the AO should still use the statutory valuation machinery and afford the assessee a reasonable opportunity to be heard and to produce fresh documentary evidence. The assessment was set aside and remitted for valuation by the DVO and recomputation of short term capital gains in accordance with law after hearing the assessee.
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