2017 (7) TMI 1006

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....athi For the Respondent : Sri. Y. V. Raviraj JUDGMENT The appellant is before this Court assailing the order dated 04.03.2015 passed in ITA No.142/PNJ/2014. The Assessing Authority while taking note of the returns of the appellant for the assessment year 2006-07, in respect of the sale transaction assessed the same by taking into consideration the stamp value assessment in respect of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... it had fixed the value of such property at Rs. 92,52,000/, the Assessing Officer has taken into consideration the same. However, in view of the objections raised by the assessee and keeping in view the provisions contained in Section 50C, reference was made to the District Valuation Officer, Bengaluru. The District Valuation Officer through the order dated 17.12.2008 has fixed the fair market val....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....taking note of the decision of the High Court of Panjab & Haryana in the case of Commissioner of Income Tax Vs. Smt. Shweta Bhuchar (2010) 192 Taxman 67 (P&H) is not appropriate. However, what is to be taken note is that what has been indicated therein is with regard to the procedure to be adopted under Sec. 50C of the Act. As noticed in the instant case, the procedure has been adopted and stamp v....