2026 (7) TMI 936

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.... 2. Briefly, the facts of the case are that the assessee filed her return of income on 31-08-2018, which was selected for scrutiny and notice u/s. 143(2) and 142(1) of the Act were issued. However, there was no compliance on the part of the assessee. Thereafter, the AO issued a show cause on 30-03-2021, again there was no compliance to the show cause. Thereafter, the AO proceeded and brought to tax the difference between the purchase value of three immoveable properties purchased by the assessee and the stamp duty valuation thereof and the differential amount of Rs. 94,69,000/- was brought to tax in terms of section 56(2)(x) of the Act. Thereafter, the assessee carried the matter in appeal before the Ld.CIT(A), who has since sustained the ....

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....y difficult. It was accordingly submitted that in view of all these factors, these MHADA properties gets transacted at discount price to standard rate in the concerned area. Therefore, the stamp duty value is not the right basis to consider the Fair Market Value of these properties. It was accordingly submitted before the Ld.CIT(A) that the matter may be referred to the Valuation Officer to ascertain and determine the value on the basis of factual position and the ground reality rather than following general stamp duty valuation in terms of the proviso to section 56(2)(x) of the Act. However, the Ld.CIT(A) has simply stated that the assessee has made a general statement about the poor quality of construction of MHADA properties and title is....

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....ile of the AO with a direction to refer the matter to the file of the Valuation Officer where the Valuation Officer can also examine the valuation reports submitted by the assessee. 4. Per contra, the Ld.DR is heard, who has relied on the orders passed by the lower authorities. It was submitted that the assessee has failed to make any compliance to various notices issued during the course of assessment proceedings. At the same time, it was fairly submitted that the assessee did make a request before the Ld.CIT(A) for referring the matter to the Valuation Officer. It was accordingly submitted that where the Bench so decide, the matter may be referred to the AO/DVO to work out the Fair Market Value of the properties under consideration. ....