2025 (10) TMI 907

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....2025 passed for A.Y. 2012-13. 2. At the outset, we observe that the appeal is time barred by 05 days. The delay of 05 days is condoned on due consideration of facts of assessee's case and owing to causing no perceptible prejudice to other side. 3. The assessee has taken the following grounds of appeal: "1. Learned CIT(A) erred in law and on facts in not considering actual sale consideration of Rs. 10,00,000/- received by the appellant by adopting value as per jantri rates of Rs. 29,65,802/- as deemed value of sale consideration u/s 50C of the Act without referring the valuation to the DVO to ascertain fair market value of the land under consideration without offering any cogent reasons for non-reference to DVO despite of repe....

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.... under section 147 of the Income Tax Act, 1961 (Act). During the course of reassessment proceedings, the assessee was issued several notices under section 142(1) of the Act calling for details of the sale transaction, computation of capital gains, and supporting documents. In response, the assessee initially contended that he had purchased agricultural land on 12.04.2010 for Rs. 4,03,650/- and sold the same on 05.07.2011 for Rs. 10,00,000/-. The assessee argued that since the land was agricultural and had not been converted to non-agricultural use, he believed that capital gains tax was not applicable on sale of such land. The assessee also contended that the Sub-Registrar's valuation was based on the new jantri rates which came into effect....

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....e appellate proceedings. Several opportunities were provided to the assessee to present his case, but he remained non-compliant. The CIT(A) noted that the Assessing Officer had duly verified the information and computed capital gains in accordance with section 50C based on the stamp duty valuation. Since the assessee did not produce any material to substantiate his claim or contest the findings of the Assessing Officer, the CIT(A) found no reason to interfere with the assessment order. Accordingly, the CIT(A) upheld the additions made by the Assessing Officer and dismissed the appeal of the assessee. Thus, in the absence of any supporting evidence or explanation from the assessee, the order of the Assessing Officer was confirmed, and the ap....

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....re making any addition. From the facts placed on record, we observe that the assessee submitted that the Jantri value has been calculated at a higher rate and the revised Jantri rates do not apply to the assessee. Therefore, the Assessing Officer in the instant case, having received such objection, ought to have exercised the statutory power conferred under section 50C(2) and referred the valuation issue to the DVO before completing the assessment. This principle has been consistently upheld by several judicial pronouncements. The Hon'ble Visakhapatnam Bench of the Tribunal in ACIT, Circle-2(1), Guntur vs. Kishore Kumar [2018] 98 taxmann.com 397 / 66 ITR(T) 158 (Visakhapatnam-Trib.) held that where the assessee disputes the adoption of stam....