2024 (8) TMI 549

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....DER PER RAJPAL YADAV, VICE-PRESIDENT (KZ):- The present appeal is directed at the instance of assessee against the order of ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi dated 13th March, 2024 passed for Assessment Year 2015-16. 2. The issue involved in this appeal is whether any deemed gift deserves to be assessable in the hands of the assessee under s....

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....232/-. 4. The ld. 1st Appellate Authority has observed that the option before the assessee was to get the proper value through DVO, but since he has not availed during the assessment proceeding, therefore, no option left and accordingly confirmed the finding of the ld. Assessing Officer. 5. On due consideration of the above facts and circumstances, we are of the view that 3rd proviso to section ....

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....pply for valuation of capital asset under those sections:..." 6. We are of the view that once assessee is disputing to the alleged deeming purchase consideration for the purpose of treating as a gift under section 56(2)(vii)(b)(ii), then, it was incumbent upon the ld. 1st Appellate Authority to construe that even if assessee has not made a prayer before the ld. Assessing Officer, he should make a....