2025 (9) TMI 1231

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....of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') dated 30.10.2019. 2. Rival submission of both the parties have been heard and record perused. The Ld. Authorized Representative (Ld.AR) of the assessee submits that during the year under consideration assessee sold a property for a consideration of Rs. 60,27,000/-. The Stamp Valuation Authority (Sub-Registrar Office, Surat- 3, Navagam) valued the transaction of property for the purposes of registration of sale deed valued the said property at Rs. 86,74,012/-. The Assessing Officer while passing the assessment order in pursuance of reopening proceedings made addition of value determined by Stamp Valuation Authority, instead of taxing the difference vis-à-vis actual sa....

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....sessing Officer with the direction to refer the matter to District Valuation Officer for estimation of fair market value of asset as on 01.04.1981 and to tax gain on share of assessee only. The assessee may further be allowed to raise additional claim for exemption under section 54F of the Act. The Ld. AR of the assessee submits that as per the decision of Hon'ble jurisdictional High Court in the case of CIT vs. Mitesh Impex (2014) 46 taxmann.com 30 (Guj)/[2014] 225 Taxman 168 (Guj) (Mag.)[2014] 367 ITR 85 (Guj)/[2014] 270 CTR 66(Guj) [02-04-2014] the assessee is entitled to raise additional claim if it was available. The Ld. AR of the assessee submits that additional claim of assessee may be accepted and further direction may be given to A....