TaxTMI 
TaxTMI 
2025 (8) TMI 1037
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.... in confirming the actions of the Assessing Officer in making an addition of Rs. 15,97,000/- u/s 50C of the Income Tax Act, 1961 without appreciating the provisions stipulated in the section and ignoring the legal submissions made by the appellant. 2. The Ld. Commissioner of Income Tax (Appeals) erred in not following the order of the Hon'ble Income Tax Appellate Tribunal in its true spirit thereby violating judicial discipline. 3. Without prejudice to the above, the Ld. Commissioner of Income Tax (Appeals) failed to appreciate that the DVO has valued the fair market value of the property sold based on assumptions and ignoring the comparable received by DVO during the physical inspection as well as ignoring the objections ....
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....ed long term capital gain on 1/4th share of assessee at Rs. 19,07,033/-. 3. Aggrieved by the action of assessing officer, the assessee filed appeal before ld. CIT(A). Before ld. CIT(A), the assessee requested to adopt the ready reckoner rate as on 31.12.2010 as proposal of sale was made on 27.11.2010. The assessee also made submission that matter may be referred to Departmental Valuation Officer (DVO) for ascertaining the fair market value as per section 50C(2). The submission of assessee was not accepted and ld. CIT(A) confirmed the action of assessing officer. The assessee approached the Tribunal wherein matter was restored back to the file of assessing officer with the direction for making reference to DVO for ascertaining fair market....
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....urchaser and ultimately the agreement to sale was registered on 07.01.2011. In the meantime, the ready reckoner rate was revised. The ready reckoner rate in Mumbai was increased from 10 to 40%. The rate in Vile Pare (West) for residential land was Rs. 1,07,800/- per square meter as on 31.12.2010, and was raised to Rs. 1,45,500/- per square meter as on 01.01.2011. Thus, the ready reckoner rate was increased by 34.97%. The relevant evidence was furnished. The assessee ascertained that as result of revision ready reckoner rate determined on 30.12.2010 which was Rs. 3.21 crore, was revised to 4.17 crore as on 07.01.2011 i.e. when sale agreement was ultimately registered in the office of Sub-Registrar. The assessee also explained the fact that m....
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....ourts. The ld. CIT(A) after considering the submission of assessee and referring the report of DVO concurred with the finding of assessing officer in adopting the value as suggested by DVO at Rs. 4.13 crore. Further, aggrieved the assessee has filed present appeal before Tribunal. 4. We have heard the rival submissions of both the parties and have gone through the orders of lower authorities carefully. The ld. Authorised Representative (AR) of the assessee submits that she has very limited prayer before the bench. The ld. AR of the assessee submits that report of departmental valuation officer (DVO), binding on assessing officer, however, same is not binding on appellate authorities. Moreover, when reference is made to DVO and the valuat....
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....der of ld. Assessing Officer / ld. CIT(A). The ld. Sr. DR for the revenue submits that once the matter was referred to DVO as per the direction of Tribunal, the lower authorities have no option except to adopt the value suggested by DVO. While hearing submission, we confronted the provisions of section 50C(3) which prescribed that in case valuation of DVO exceeds the stamp duty valuation authority then the stamp duty valuation should be considered as full value of consideration. The ld. Sr. DR still remained on his word. 6. We have considered the rival submissions of both the parties and have gone through the orders of lower authorities carefully. We have also deliberated on various case laws referred and relied by ld. AR of the assessee....