2024 (10) TMI 245

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....m Parkash, Sr. DR ORDER PER M. BALAGANESH, A. M.: 1. The appeal in ITA No.901/Del/2024 for AY 2020-216, arises out of the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as 'ld. NFAC', in short] in Appeal No. ITBA/NFAC/S/250/2023-24/1059135858(1) dated 28.12.2023 against the order of assessment passed u/s 143(3) r.w.s. 144B of the Income-tax Act, 1961 (....

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....13,430/-. The assessee purchased agricultural land in Khata No. 00143, Salarpur, Tehsil- Dadri, Noida UP on 19.12.2019 for Rs. 60,57,000/- and incurred stamp duty and registration charges of Rs. 7,40,300/-. The total investment in immovable property was accordingly recorded by the assessee at Rs. 67,97,300/-. The ld AO observed that on the date of registration of property, the value determined by ....

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....08,700/- and the order would be subjected to rectification u/s 155(15) of the Act after the receipt of report. It is not in dispute that the DVO report was received by the ld AO on 17.11.2022 i.e. after completion of assessment proceedings, wherein, the subject mentioned property was valued at Rs. 62,04,000/-. The DVO's report was even ignored by the ld CIT(A). We find that the value determined by....