TaxTMI 
TaxTMI 
2022 (8) TMI 961
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....06-07. 2. In its appeal, the assessee has raised following grounds: "The order of Learned Commissioner of Income Tax (Appeals) 40-Mumbai is unsustainable both on facts and in law - 1) That on the facts and in law, the Learned CIT (A), has erred in confirming Long Term Capital Gain on sale of premises (Godown) at Rs.11,78,098/- as the appellant could not show the evidence u/s. 50 C of the IT. Act. which is baseless. 2) That on the facts and in law as per section 50C of the I.T Act, 1961 the matter was referred to valuation cell, hence order passed before getting the valuation report is bad in law and against principle of natural justice. 3) That on the facts and in law, the Learned CIT (A), has after calling for valuation Report fro....
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....ly introducing himself as a "Legal Heir" of Late Smt. Bhanuben Dhanji Shah, (the original assessee herein), which has been taken on record. During the year under consideration, the assessee filed her return of income declaring total income of Rs.11,04,646, on 31/07/2006. Along with the return of income, the assessee filed computation of income, wherein the assessee has shown income from property, long term capital gains and income from other sources comprising of interest income from Bank, bond interest and interest on loans advanced. During the course of assessment proceedings, it was observed that under the head "Long Term Capital Gains", the assessee has shown a sum of Rs.3,10,975. In this connection, it was explained by the assessee tha....
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....missing the assessee‟s appeal. 7. On the other hand, the learned Departmental Representative ("learned D.R.‟) vehemently relied upon the orders passed by the lower authorities. 8. We have considered the rival submissions and perused the material available on record. We find that on 26/06/2014, the Asstt. Valuation Officer, Valuation Cell, Income Tax Department, Thane, had prepared valuation report under section 55A / 50C of the Act determining fair market value of the property namely Power Loom Gala, MH1441, Near Kaneri, Bhiwandi, as on 30/12/2005, at Rs.7,10,000. As per the assessee, the report from the aforesaid Department Valuation Officer, was sought by the learned CIT(A) during the pendency of its appeal. Since the impugn....