TaxTMI 
TaxTMI 
2022 (6) TMI 1243
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....ome Tax Act, 1961 (in short 'the Act'), dated 31.03.2016. 2. The grounds of appeal raised by the assessee are as follows:- "A. NOTICE u/s 148: BAD & ILLEGAL 1. The ld. CIT(A) has erred in law & in facts in confirming action of AO to issue notice u/s 148 of the Act which is bad & illegal and the appellant prays that notice u/s 148 and consequent assessment be quashed. 2. The learned CIT(A) has erred in law and in facts to confirmation of AO for issue of notice u/s 148 even when no amount of escapement of income was recorded in recorded reasons. B. ENHANCEMENT 1.The learned CIT(A) has erred in law and in facts by enhancing assessment by Rs.17,57,238/-. 2. The learned CIT(A) has erred in....
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....alue & not when he was of the opinion that the fair market value as on 1/4/81 was more than fair market value and the amended provision being applicable from1.7.12 is not applicable for AY 2012-13. 2. The learned AO has erred in law & in facts to do the assessment u/s 143(3) instead of section 144 when no return was filled by the appellant in response to notice u/s 148 and the observation of the AO in the assessment order that assessee has filed return of income on 10.04.2015 is incorrect as the assessee had filed mere reply stating the reasons for not filing the return vide letter dated 10.04.2015 and the appellant prays that assessment may be annulled and set aside." The additional grounds being legal grounds the appella....
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....cer. Therefore, Ld. Counsel contended that it is purely a legal issue, therefore, additional grounds raised by the assessee may be admitted. 5. On the other hand, ld DR objected the prayer of the assessee for admission of additional ground. We have heard both the parties and note that additional ground raised by the assessee is purely a legal issue which goes to the root of the matter and all facts are available on assessment record, therefore, we admit the additional ground raised by the assessee for adjudication. 6. We note that issue raised by the assessee in the additional grounds of appeal is squarely covered by the order of the Co-ordinate Bench of ITAT Surat in the case of Swami Sat yananda, i n ITA No.1614/Kol/2018, Assessment....
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....gistered valuer, if the [Assessing] officer is of opinion that the value so claimed [is at variance with its fair market value]; (b) in any other case, if the [Assessing] Officer is of opinion- (i) that the fair market value of the asset exceeds the value of the asset as claimed by the assessee by more than such percentage of the value of the asset as so claimed or by more than such amount as may be prescribed in this behalf ; or (ii) that having regard to the nature of the asset and other relevant circumstances, it is necessary so to do, and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clauses (ha) and (i) of sub-section (1) and sub-sections ....
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....`s case the assessment year is A.Y. 2012-13 whereas amended provisions of section 55A(a) of the Act are applicable from A.Y. 2013-14. Hence, pre-amended section 55A(a) is applicable to the assessee wherein the terminology used is "is less than its fair market value" . We note that assessee`s qualified Registered Valuer of Income Tax had valued the property at fair market value on 01.04.1981 at Rs. 18,51,000/- which is not less than the fair market value done by the District Valuation Officer of Income Tax Department at Rs.5,82,083/-. Based on the position in law as explained above, we direct the assessing officer to take the fair market value of the property as on 01.04.1981 at Rs. 18,51,000/- for the purpose of computation of long....