2024 (8) TMI 931

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.... 1. ITA 475/Mum/2024 is filed by Shri Tarun Mohan Jani ('Appellant Assessee') for A.Y. 2021-22 against the appellate order passed by the National Faceless Appeal Centre, Delhi ('ld. CIT(A)') dated 06.12.2023 wherein the appeal filed by the assessee against the assessment order passed u/s 143(3) r.w.s. 144B of the Income-tax Act, 1961 ('the Act') dated 29.09.2022 passed by the National Faceless Ap....

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....nd in the absence of any Co-op Housing Society as well as the location. It is the claim of the assessee that nobody was ready to buy the property as the property is in low lying water logging area. The assessee also submitted that identically in the case of wife of the assessee, AO has referred the matter for valuation cell. 5. Ld. AO referred to the Valuation Officer u/s 55A of the Act on 29.03.....

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....(2)(x) of the Act. Accordingly, the appeal of the assessee was dismissed. 9. The assessee aggrieved with that preferred appeal before us. The ld. Authorized Representative relied on the decision of [1] Chennai Bench in ITA No. 377/Chny/2021 dated 22.07.2022 wherein the benefit of tolerance limit was granted u/s 56(2)(x) of the Act, [2] in the case of Maria Fernandes Cheryl vs ITO dated 15.01.2021....