2023 (1) TMI 1065

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.... Tax, Circle-I(I/C), Thanjavur for the Assessment Year 2014 - 2015, u/s.143(3) r.w.s.147 of the Income Tax Act, 1961 (hereinafter "the Act") vide order dated 25.06.2019. 2. The brief facts of the case are that the Assessee/Appellant had filed his return of income for the Assessment Year 2014 - 2015 declaring a total income of Rs.21,72,210/- and agricultural income of Rs.2,74,250/- on 15.04.2015. The assessment has been subsequently reopened u/s.147 of the Act for the reasons recorded as per which the income chargeable to tax has escaped assessment. The case has been selected for scrutiny and during the course of the assessment proceedings, the Assessing Officer had noticed that the Assessee had purchased a property vide Document No.5883/20....

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....Officer as well as the learned Commissioner of Income Tax (Appeals) had erred in sustaining the addition made towards the difference between the consideration paid for the purchase of the property and the guideline value fixed by the SRO u/s.56(2)(vii)(b) of the Income Tax Act, 1961, even though, the matter has been referred to the DVO for determining the correct value of the property. However, the DVO has not furnished the valuation report and the Assessing Officer had completed the assessment. Therefore, the appeal is to be set aside and the matter be remitted back to the file of the Assessing Officer to redo the assessment after considering the valuation of the property determined by the DVO. 6. The learned Departmental Representative, ....