Loading judgment…
Facts
The assessee's appeal was directed against the order of the CIT(A) confirming an addition of Rs. 27,15,000/- made under Section 144. The assessee contended that the fair market value (FMV) of an immovable property was less than the value adopted by the Stamp Valuation Authority, and a Registered Valuer had agreed to provide the valuation.
Held
The Tribunal found it appropriate to restore the issue to the Assessing Officer for fresh adjudication. The assessee was directed to procure a valuation report from a Registered Valuer, and the Assessing Officer was to consider it and provide an opportunity of being heard.
Key Issues
Whether the addition made under Section 144 is justified without considering the FMV of the property and whether the matter should be remanded for fresh valuation.
Sections Cited
144
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, PUNE BENCH “SMC”, PUNE
Before: SHRI MANISH BORAD & SHRI S S VISWANETHRA RAVI
आदेश की प्रतितिति अग्रेतिि/Copy of the Order is forwarded to: