2019 (8) TMI 470

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....: None. O R D E R C.M.No.1736/2019 (Delay) 1. For the reasons stated therein, the delay in re-filing the appeal is condoned. The application is disposed of. ITA 30/2019 2. The Revenue is in appeal against the order dated 28th May, 2018 passed by the Income Tax Appellate Tribunal (ITAT) in ITA No. 1032/Del/2015 for the Assessment Year (AY) 2011-12. 3. The question of law sought to be urged by....

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....ferred to the District Valuation Officer (DVO) for ascertaining its Fair Market Value. This request was made on 20th February 2014, whereas according to the AO, the assessment would be barred by limitation on 31st March, 2014. On the ground that there was no likelihood of the valuation report being received before the above date, the AO proceeded to pass the assessment order on 20th February, 2014....

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....oceeding to finalize the assessment. 8. The CIT(A) in the order dated 1st October, 2014 held that under Section 50 (C)(3) of the Act, the value adopted for payment of stamp duty can be adopted as sale consideration only if the fair market value determined by DVO is less than the value adopted for stamp duty purposes. In the present case since a report had not been obtained by making a reference t....