2022 (4) TMI 802

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....t, 1961 ["Act" in short] and order under section 154 of the Act dated 21.03.2018 relevant to the assessment year 2013-14. 2. Facts are, in brief, that the assessee has filed its return of income for the assessment year 2013-14 on 27.09.2013 declaring an income of Rs..2,17,47,500/-. The assessee has filed revised return of income on 08.09.2014 admitting the same income and claiming refund of Rs..11,71,840/-. In the assessment order, the Assessing Officer has noted that the assessee has sold a property on 13.08.2012 and the sale consideration was taken at Rs..4,00,00,000/-, whereas, as per the document No. 2997/2012 of SRO, Konnur, Chennai-49, in Annexure 1- A, the market value of the land and building sold by the assessee was determined b....

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.... 4. On the other hand, the ld. DR has submitted that the Assessing Officer has completed the assessment by taking into consideration of SRO's value as per section 50C of the Act and stated that the order of the Assessing Officer is correct. He strongly supported the orders of authorities below. 5. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below including paper book filed by the assessee. The assessee has sold a property on 13.08.2012 and the sale consideration was taken at Rs..4,00,00,000/-. As per document, the sale consideration was Rs..7,10,00,000/-. The Assessing Officer has asked the assessee as to why the market value of the land and building determined by the....

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....as per section 50C of the Act. We are of the opinion that in the assessment order, the Assessing Officer has correctly adopted the fair market value of the land and building at Rs..7,10,00,000/- by invoking the provisions of section 50C of the Act and the ld. CIT(A) has rightly confirmed the assessment order. Hence, we find no reason to interfere with the order passed by the ld. CIT(A). Thus, the ground raised by the assessee is dismissed. 6. So far as appeal in I.T.A. No. 1828/Chny/2018 against the order of the ld. CIT(A) passed under section 154 of the Act is concerned, the assessee preferred a rectification petition under section 154 of the Act on 01.06.2017 soon after conclusion of the appellate order of the ld. CIT(A) dated 04.05.20....