2022 (3) TMI 33

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.... common grounds, we are, therefore, proceeding to dispose them off by this consolidated order for the sake of convenience. 2. Both the appeals are time barred by 87 days. The assessees have filed affidavits giving the reasons for the delay. We are satisfied with the same. The delay is condoned and the appeals are admitted for disposal on merits. 3. The factual scenario in the appeal of Smt. Sangeeta Ganpati Jadhav is that she filed her return declaring total income of Rs. 20,76,520/- comprising, inter alia, of long term capital gain. During the course of assessment proceedings, it was observed by the Assessing Officer (AO) that the assessee along with her two sisters, namely, Smt. Sunita Ashok Khot, the other appellant in this batch o....

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....ce with section 50C(2) of the Act. For determining the fair market value of the land at Mundhwa as on the date of sale, a reference was made u/s.55A/50C(2) to the DVO, Income-tax, Solapur on 18-09-2017. No Valuation report of the DVO was received up to the time close to the lapse of the time limit for completion of assessment. Since the assessment was getting time barred, the AO completed the assessment by taking the value of land at Mundhwa at Rs. 1,35,70,000/- subject to rectification/revision as per the valuation report of DVO. That is how, the AO computed capital gain at Rs. 1,19,16,650/- from which exemption u/s.54F was allowed and finally long term capital gain was determined at Rs. 64,94,004/-. The assessee preferred appeal before th....

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....luation could not take place, is neither here nor there. It is trite that even if an assessee does not extend co-operation in any proceedings under the Act, there are well defined ways and means to complete the proceedings. Once the assessment was finalised by expressly agreeing and specifically mentioning that the computation of capital gain was "subject to rectification/revision as per valuation report of the DVO", it was all the more obligatory on the part of the AO to honour his words and do the needful. It is a matter of record that the AO did not give effect to his own undertaking which was a pre-condition of the assessee accepting the values proposed by the AO. In such a scenario, we are unable to countenance the view taken by the au....