ANANDKUMAR MANSUKHLAL PATEL,RAJKOT vs. INCOME TAX OFFICER, WARD-5(2), RAJKOT

ITA 146/RJT/2018Status: DisposedITAT Rajkot15 July 2019AY 2007-085 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the reopening of assessment under Section 147 was justified as the assessee had not disclosed the sale value as per the stamp valuation authority. The DVO's valuation of Rs. 5,51,000 was upheld as it was less than the stamp duty value and was determined after considering various factors.

What were the facts?

The assessee sold a commercial property for Rs. 4 lacs, but the stamp valuation authority assessed it at Rs. 5,79,911. The Assessing Officer reopened the assessment under Section 147, and referred the valuation to the DVO, who determined the fair market value at Rs. 5,51,000.

What were the issues?

Whether the reopening of assessment under Section 147 was justified and whether the fair market value determined by the DVO under Section 50C(2) should be adopted for capital gains calculation.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 50C,Section 50C(2),Section 50C(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAJKOT BENCH, RAJKOT

Before: Shri Mahavir Prasad & Shri Amarjit Singh

For Appellant: Shri Ranjit Lalchandani, A.R
For Respondent: Shri Praveen Verma, Sr. D.R, Shri Ranjit Lalchandani, A.R

PER : AMARJIT SINGH, ACCOUNTANT MEMBER:- This assessee’s appeal for A.Y. 2007-08, arises from order of the CIT(A)-3, Rakot dated 16-02-2018, in proceedings under section 143(3) r.w.s. 147of the Income Tax Act, 1961; in short “the Act”.

I.T.A No. 146/Rjt/2018 A.Y. 2007-08 Page No 2

2.

The assessee has raised following grounds of appeal:- “1. The CIT {A} erred in upholding the reopening the assessment under the provisions of section 147 of the Act. The reopening of the assessment is not justified.

2.

Without prejudice to ground no 1, The CIT {A} erred in upholding the determining the l

The order continues below.

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