2025 (5) TMI 519

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.....12.2024, for the Assessment Year 2014-15, whereby the learned CIT(A) confirmed the addition of Rs. 22,02,858/- made by the Assessing Officer towards long-term capital gain under section 50C of the Act as per the order dated 01.12.2018 passed under section 143(3) r.w.s. 147 of the Act. Facts of the Case 2. The assessee is an individual deriving income from salary and other sources. For the year under consideration, the assessee did not initially file his return of income under section 139(1) of the Act. On the basis of information received by the Assessing Officer regarding sale of an immovable property by the assessee (jointly owned with four others), notice under section 148 of the Act was issued on 12.03.2018. In response, the asse....

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....T(A) observed that the assessee did not file any documentary evidence in support of the objection to the stamp duty valuation. The appellate authority held that in absence of objection, reference to DVO was not mandatory and that the AO was justified in applying section 50C(1) of the Act. The addition of Rs. 22,02,858/- was thus confirmed. 5. Aggrieved by the order of CIT(A) the assessee is in appeal before us raising following grounds: Most Respectfully Shew with, 1. The Lid. Income Tax Officer S.K. Ward-3, Himmatnagar (hereinafter referred to as AO) has erred in law in passing the assessment order for the A.Y. 2014- 15 u/s. 143(3) r.w.s.147 of the Income Tax Act by making addition of Rs. 22,02,858/- towards long term ....

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....y the Ld. ITO may kindly be reverse addition made as long term capital gain of Rs. 22,02,858/- (u/s. 50C of the IT Act). 2. Ex-parte best judgment assessment order passed u/s. 143 r.w.s. 147 of the Income Tax Act deserves to be quashed and set aside. 3. Reopening of the assessment may please be held as time barred and without jurisdiction. 4. Original return of income filed by the appellant may kindly be accepted. 5. Return of income filed in response to notice u/s. 148 may please considered. 6. Long term capital gain u/s. S0C may please be allowed as exempt income. 7. Addition of Rs. 22,02,858- may please be deleted. 8. Penalty initiated for concealment of particulars of income....

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.... the value adopted or assessed for stamp duty purposes exceeds the fair market value and has not been received, and the assessee objects to such valuation, the AO may refer the valuation of the capital asset to a Valuation Officer. 10. In the present case, the assessee had placed on record his oral submissions during the assessment proceedings requesting for reference to DVO. This aspect is also part of the assessee's written Statement of Facts and was reiterated before us. The CIT(A), in paragraph 5.3 of the impugned order, has acknowledged that the assessee claimed to have objected to the stamp duty valuation, but concluded against the assessee merely on the ground that no supporting documentary evidence was produced. However, the appe....