2022 (1) TMI 531

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....on, Addl. CIT - Ld. DR ORDER Manoj Kumar Aggarwal, Accountant Member 1. Aforesaid appeal by assessee for Assessment Year (AY) 2016-17 arises out of the order of learned Commissioner of Income Tax (Appeals)-3, Chennai [CIT(A)] dated 29-04-2019 in the matter of assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) of the Act on 25-12-2018. 2. Though the assessee has raised multiple....

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....ars also and similar issue of valuation for AYs 2014-15 & 2015-16 was already referred to District Valuation Officer. Since at the time of framing of assessment, the valuation report for this year was not received, the assessment was completed by Ld. AO adopting guideline value of Rs. 104.74 Lacs. 5. During appellate proceedings, the assessee furnished valuation report of Assistant Valuation Of....

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....lained in the valuation report. Therefore the valuation was not reliable. Accordingly, Ld. AO was directed to adopt value of Rs. 1975/- per square feet for this year also. Aggrieved, the assessee is in further appeal before us. 6. Having heard rival submissions, it could be observed that guideline value of the property was much higher than the prevailing market value of the property and the sam....