2018 (5) TMI 2025

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....t dated 29/12/2017 in so far as it is against the Appellant is opposed to law, weight of evidence, probabilities, facts and circumstances of the Appellant's case. 2. The learned Commissioner of Income-tax (Appeals) erred in law in not holding that the entire assessment is void-ab-initio as the assessment was concluded by the learned assessing officer without issuance of statutory notice u/s.143(2) of the act on a valid revised return of income filed by the appellant, despite noticing the fact that the appellant has filed a valid revised return of income and also has considered the total income as declared in the revised return of income filed by the appellant for the purposes of computing the total income of the appellant in th....

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....ket value determined by the department valuation officer which was considered by the learned assessing officer in the impugned order of assessment and the actual amount of sale consideration received by the appellant is marginal to the extent of 7.34% on the facts and circumstances of the case. 7. The authorities below were not justified in law in charging the interest u/s. 234B of the Act and further the calculation of interest u/s. 234 B of the Act is not in accordance with law since the rate, method of calculation, quantum is not discernable from the Order of assessment on the facts and circumstances of the case. 8. The Appellant craves leave to add, alter, delete, substitute or modify any of the grounds urged above. ....

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....lued the property u/s. 50C(2) of IT Act at Rs. 64,10,400/- and because of this difference, the addition is made by the AO of Rs. 4,70,400/- which is less than 10% of the value of sale consideration declared by assessee of Rs. 59.40 Lakhs and therefore, as per Tribunal order, no addition is justified. The ld. DR of revenue supported the orders of authorities below. 4. I have considered the rival submissions. I find force in the submissions of ld. AR of assessee because I find that in the present case, the sale consideration as per sale deed is Rs. 59.40 Lakhs and the value adopted by DVO u/s. 50C (2) is Rs. 64,10,400/- and therefore, the difference between these two values is of Rs. 4,70,400/- which is less about 8% of the sale considerat....