2023 (3) TMI 470

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....hri D. Hema Bhupal, JCIT ORDER PER V. DURGA RAO, JUDICIAL MEMBER: This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre [NFAC], Delhi dated 13.05.2022 relevant to the assessment year 2017-18. 2. Brief facts of the case are that the assessee filed his return of income for the assessment year 2017-....

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....difference is of Rs..3,46,88,501/- and the Assessing Officer has disallowed the difference amount, which attracts the provisions of section 56(2)(vii)(b) of the Act. The Assessing Officer has further noted that as per section 56(2)(vii)(b) of the Act provides that in case of where there is transfer of an immovable property either without consideration or a consideration which is less than the stam....

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....d SRO value, as per section 50C(2) of the Act, the Assessing Officer has to refer to the DVO for valuation of FMV of the property and submitted that the issue may be remitted back to the Assessing Officer for reconsideration and pass the assessment order after referring the matter to DVO under section 50C(2) of the Act. 5. On the other hand, the ld. DR has strongly supported the orders of the a....

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....s raised the issue before the ld. CIT(A) and the ld. CIT(A) did not consider this for the reason that the assessee has not asked for reference to DVO before the Assessing Officer. Under these facts and circumstances, we are of the opinion that one more opportunity to the assessee to substantiate his claim and to make a request to the Assessing Officer to refer the matter to the DVO to ascertain FM....