TaxTMI 
TaxTMI 
2026 (5) TMI 681
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.... - 50, Mumbai, ["learned CIT(A)"], for the assessment year 2010-11. 2. In this appeal, the assessee has raised the following grounds: - "The Commissioner of Income-tax (Appeals) - 50, Mumbai (hereinafter referred to as the CIT(A)) erred in determining the full value of consideration received on sale of an immovable property at Rs. 65,29,000 on the basis of a valuation report of the Departmental Valuation Officer (DVO) as against Rs. 52,50,000 actually received by the appellant, and consequently, directing the Assessing Officer to re-compute the short-term capital gains accordingly. The appellant contends that on the facts and in the circumstances of the case and in law. the CIT(A) ought not to have determined the full v....
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.... held that the assessee should have offered a sum of Rs. 14,44,373/- u/s 50C of the Act. Accordingly, the differential amount of Rs. 12,19,354/- was added to the short-term capital gain declared by the assessee. 5. The learned CIT(A), vide impugned order, after taking into consideration the valuation report submitted by the Departmental Valuation Officer ("DVO"), whereby the Fair Market Value of the property was determined at Rs. 65,29,000/-, directed the AO to recomputed the short-term capital gains declared by the assessee after taking into consideration the valuation report of the DVO. Being aggrieved, the Assessee is in appeal before us. 6. During the hearing, the learned Authorised Representative ("learned AR") by referring to th....
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.... (of the Wealth Tax Act, 1957) dated 20.08.2024 was issued to me before concluding the valuation exercise, I hereby state that I have not received any such notice from the DVO, and hence, could not have replied to the said notice, 5. That no benefit would accrue to me on account of not replying to the aforesaid notice of the DVO. 7. On the other hand, the learned Departmental Representative ("learned DR") submitted that the valuation report from the DVO was sought after the request made by the assessee before the learned CIT(A), and once the DVO has arrived at any valuation, the said valuation should be considered. 8. Having considered the submissions of both sides and perused the material available on record, we find that th....
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....d on record before us, we find that on 20.08.2024, notice was issued to the assessee seeking its objection. As per the assessee, the said notice was not received by him, and in this regard, the assessee has also filed an affidavit as noted in the following paragraph. 11. We find that the provisions of section 16A(4) of the Wealth Tax Act, 1957, specifically require the Valuation Officer to serve a notice on the assessee, intimating the value which he proposes to estimate and giving an opportunity to the assessee to state his objections. 12. From the perusal of the valuation report by the DVO in the present case, we find that as the assessee did not receive any notice from the DVO as per section 16A(4) of the Wealth Tax Act, 1957, no o....