2021 (1) TMI 684

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....etan Karia, AR ORDER PER N.K. PRADHAN, A.M. By means of this Miscellaneous Application (MA), the applicant seeks rectification of the order dated 27.12.2019 passed by the ITAT 'H' Bench Mumbai (ITA No. 2305/Mum/2018) for the assessment year (AY) 2010-11. 2. The Ld. Departmental Representative (DR) submits that while adjudicating the appeal filed by the assessee vide its order dated 27.12.201....

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....the relevant materials on record. The reasons for our decision are given below. Ground No. 2e of the appeal filed by the assessee before the Ld. CIT(A) was as under : "The Assessing Officer failed to consider the alternative claim of the appellant in accordance with the provisions of sub-section (2) of section 50C and refer valuation of the asset to a Valuation Officer." In the instant case, t....

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.... following conditions are satisfied, the Assessing Officer may refer the valuation of relevant asset to a Valuation Officer in accordance with section 55A of the Act : i. Where the assessee claims before the Assessing Officer that the value adopted or assessed of assessable by the stamp valuation authority exceeds the fair market value of the property as on the date of transfer ; and ii. The ....

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....g Officer for making a fresh assessment in accordance with the directions given by the Commissioner (Appeals) and after making such further inquiry as may be necessary, and the Assessing Officer shall thereupon proceed to make such fresh assessment and determine, where necessary, the amount of tax payable on the basis of such fresh assessment" from section 251(1)(a), the power for the first appell....