Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
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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