2024 (2) TMI 787

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....the income of the appellant on account of long term capital gain accrued on sale of two urban lands. 2. That the Ld. CIT(A) failed to appreciate that the Ld. A.O calculated the fair market value of the land in a manner contrary to the provisions contained in the Act. 3. That the failure of the Ld. AO in adopting the cost of land on the basis of rates, specified on the Delhi Govt website and not the District valuation officer (DVO) is a fatal error and the addition should be quashed on this ground alone. 4. That the Ld. CIT(A) erred in law and on facts by denying the benefit of section 54B of the I.T Act to the appellant, by rejecting it solely on the ground that the claim was made outside the return of income. Rel....

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....thority as the issue involved in this case is related to valuation of agricultural land. Ld. Counsel for the assessee submitted that the matter of valuation was referred to District Valuation Officer ("DVO") but the valuation report was awaited. However, the Assessing Officer ("AO") proceeded to make assessment, recording that the assessment was getting time barred. Ld. Counsel for the assessee further submitted that in the interest of principle of natural justice, the matter may be restored to the AO. 5. On the other hand, Ld. Sr. DR opposed these submissions and supported the orders of the authorities below. 6. We have heard Ld. Authorized Representatives of the parties and perused the material available on record. The facts in brie....