2023 (6) TMI 25

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....ring on 16.03.2023 was issued to the Assessee, however, the Appellant neither appeared nor filed any adjournment application. From the record it also appears that on the previous dates of hearing as well, the Appellant did not appear in spite of sending notices at the address mentioned in Form No. 36 by the Appellant. Even the Registry do not have any alternative address to send the notice through post, hence, we are inclined to decide this appeal as ex parte. 3. In the instant case, the Appellant declared an income of Rs.14,32,540/-, by e-filing its return of income on dated 25.11.2015 which was taken up for limited scrutiny under CASS and consequently, statutory notices have been issued to the Appellant, in response to which the Appellan....

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....law as well as considering the surrounding circumstances, human conduct and preponderance of probability by the Assessing Officer, by perusing the provisions of section 43CA of the Act, which prescribes as under : "Where the consideration received or accruing as a result of the transfer by an Assessee of an asset (other than a capital asset), being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration received or accruing a....

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....n addition of Rs. 1,69,07,244/-, being the amount of difference between stamp duty value and actual sale consideration. Further, the AO has also referred the matter to DVO for valuation. However, report was not received from the District Valuation Officer till completion of the assessment. Aggrieved by the addition, the Appellant brought the matter in the present appeal. 5.1.1 Subsequently, the report from DVO has been received by the AO and the DVO has assessed the value of the property at Rs.2,01,33,600/- as against the sale consideration of Rs. 1,66,15,200/-. In appeal, the Ld.AR submitted that he AO has passed a subjective order and the AO did not rely on the submission made by the Appellant in the course of assessment proceedings. I....

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.... appeal are partly allowed." 5. We have given thoughtful consideration to the peculiar facts and circumstances of the case and the orders passed by the authorities below and observe that the Assessing Officer himself has referred the property under consideration to the DVO for valuation who assessed the value of property at Rs.2,01,33,600/- as against the sale consideration of Rs.1,66,15,200/- and circle rate of Rs.3,35,22,444/-. Though the Assessing Officer himself has referred the property to the DVO for valuation, however, by filling remand report dated 27.02.2019 before the ld. Commissioner raised the question over the method of valuation used by the DVO who has used the rent capitalization method for valuation of the property as a pr....