CONSOLIDATED FINVEST AND HOLDINGS LIMITED,DELHI vs. DEPTY COMMISSION OF INCOME TAX, CIRCLE 4(2), DELHI

ITA 9203/DEL/2025Status: DisposedITAT Delhi24 July 2026AY 2017-188 pages
AI SummaryAllowed

What were the facts?

The assessee sold a property for Rs. 2,16,40,000, but stamp duty was paid on the circle rate of Rs. 2,85,80,744. The AO referred the property valuation to the DVO under Section 142A, which was not intimated to the assessee and no report was received before assessment completion.

What did the Tribunal hold?

The Tribunal held that Section 50C(2) is a specific provision for property valuation in capital gains cases, overriding the general provision of Section 142A. The assessment was completed beyond the limitation period prescribed under Section 153, as the extended time limit under Section 142A was wrongly applied.

What were the issues?

Whether the assessment order was barred by limitation due to the AO's incorrect application of Section 142A instead of the specific provision under Section 50C(2) for property valuation.

Which sections of the Income-tax Act were involved?

Section 153,Section 142A,Section 50C,Section 155(15)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI

Before: M. BALAGANESH & ANUBHAV SHARMA

PER M BALAGANESH, AM:

The appeal in ITA No.9203/Del/2015 for AY 2017-18, arises out of the 1. order of the ld National Faceless Appeal Centre (NFAC) Delhi [hereinafter referred to as ‘ld. CIT(A)’, in short] dated 18.11.2025 against the order of assessment passed u/s 143(3) of the Income-tax Act, 1961 (hereinafter r

The order continues below.

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