2020 (7) TMI 17

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.... PERB.R. BASKARAN, ACCOUNTANT MEMBER: The appeal filed by the assessee is directed against order dated 31.8.2017 passed by Ld. CIT(A)-1, Bengaluru and it relates to assessment year 2014-15. None appeared on behalf of the assessee even though adjournment was granted on the last occasion at the specific request of the assessee. Hence we proceed to dispose of the appeal ex-parte, without presen....

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....s. The A.O. noticed that the value determined by the stamp authority was 2.25 crores and accordingly he took the view that the assessee should have adopted sale consideration as Rs. 1,12,50,000/- (being 50% of Rs. 2.25 crores) in terms of section 50C of the Act. When this was confronted with the assessee, the assessee submitted that the property sold by him did not have any approach road and is al....

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.... stamp duty value. In that case, in terms of section 50C(2) of the Act, the A.O. should have referred the matter of valuation to the DVO. Since the provisions of section 50C(2) of the Act have not been complied with, we are of the view that this issue requires fresh examination at the end of the A.O. Accordingly, we set aside the order passed by Ld. CIT(A) on this issue and restore the same to the....

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.... accounting, the amount actually received by him was declared in the income tax return filed by him. It was also submitted that the assessee did not receive the difference amount, shown in form 26AS till the date of completion of the assessment. However, the above said explanation was rejected by the tax authorities without making further enquiries in this regard. In our view, the A.O. should h....