2013 (1) TMI 765

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....EMBER: This appeal by the assessee is directed against the order of the CIT(Appeals)-I, Coimbatore dated 21-05-2012 for the assessment year 2009-10. 2. Facts in brief are that the assessee is an individual and filed a return of income for the assessment year 2009-10 declaring total income of ` 2,42,596/-. The Assessing Officer observed that in the subject case it was gathered from the Individua....

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....by him in place of the guideline value of ` 39,63,900/- on the ground that the physical possession of the land was with the buyer right from 2000, that the assessee was not able to find out a prospective buyer and was forced to sell under distress sale. However, the Assessing Officer by invoking section 50(C) of the Act the value of the property was adopted at `39,63,900/-. Accordingly, the long t....

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....nd submitted that the learned counsel for the assessee has not disputed before the Assessing Officer that the subject matter has to be referred to the DVO and therefore at this stage it may not be referred. 6. We have heard both the sides, perused the records and gone through the orders of the authorities below. It is an admitted fact that the assessee has sold the property in question to one Shr....