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2023 (2) TMI 451
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.... 2. At the outset, we find that there is a delay of 23 days in appeal filed by the assessee in ITA No. 610/Chny/2020 and delay of 24 days in appeal filed by the assessee in ITA No. 611/Chny/2020. During the course of hearing, when defect was brought to the notice of the learned AR present, he has submitted that delay in filing of both appeals is mainly due to lockdown imposed by the Govt. on account of spread of Covid-19 infections and in view of the Hon'ble Supreme Court suomotu Writ Petition No.3 of 2020, if the period of delay is covered within the period specified in the order of the Apex Court, then same needs to be condoned in view of specific problem faced by the public on account of Covid-19 pandemic. 3. The learned DR, on the o....
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....sequently erred in sustaining the adoption of the fair market value at Rs. 3,13,92,000/- (assessee's share) without assigning proper reasons and justification. 3. The CIT (Appeals) failed to appreciate that the action of the Assessing Officer in adopting the guideline value as the fair market value for the purpose of computing long term capital gains during the pendency of the reference made to the Valuation Cell for estimating the FMV for the purpose of computing the long term capital gains was wrong, erroneous and unsustainable in law. 4. The CIT (Appeals) failed to appreciate that the provisions of Section 50C of the Act had no automatic application to the facts of the present case and ought to have appreciated that....
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....CIT (Appeals) failed to appreciate that the impact of the agreement entered into earlier especially in the context of the amendment provisions of Section SOC of the Act was completely overlooked in the determination of the FMV for the purpose of computing the long term capital gains. 9. The CIT (Appeals) failed to appreciate that in any event the acceptance of the date of transfer in the previous year relating to assessment year under consideration was wrong and incorrect in the absence of proper interpretation of the term transfer under the Act, thereby vitiating the entire capital gains computation in the assessment year under consideration. 10. The CIT (Appeals) failed to appreciate that the entire re-computation of the....
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....ong term capital gains by considering guideline value of the property as on the date of the sale. During the course of assessment proceedings, the assessee had filed letter on 18.11.2016 and requested the AO to refer the case for Departmental Valuation Cell for valuation of fair market value of the property. The AO referred the valuation to the DVO u/s. 142A r.w.s. 50C(2) of the Act. However, no valuation report has been received from the DVO. Therefore, the AO has computed long term capital gain from sale of property by adopting guideline value of the property as on the date of sale at Rs. 6,27,84,000/- and considered 50% share of the assessee which works out to Rs. 3,13,92,000/-, without allowing any deduction towards cost of acquisition ....
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....IT(A) submitted that, the assessee could not obtain valuation report from the DVO even before appellant proceedings. Therefore, there is no reason to set aside the issue to the file of the AO. 9. We have heard both the parties, perused materials available on record and gone through orders of the authorities below. As per provisions of section 50C(2) of the Act, once assessee makes a request for reference to DVO, it is the duty of the AO to refer valuation of property to the Departmental Valuation Cell to determine correct fair market value of the property, for the purpose of computation of capital gains in terms of provisions of section 50C of the Act. Further, as per said provisions, once the Departmental Valuation Cell determines fair ....