SRI SHABBIR KUTUBUDDIN LOKHANDWALA,VISAKHAPATNAM vs. CIT(A)-1, VISAKHAPATNAM

ITA 460/VIZ/2017Status: DisposedITAT Visakhapatnam10 August 2018AY 2007-20085 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that since the assessee raised an objection to the SRO value and claimed the actual sale consideration was lower, the Assessing Officer should have referred the matter to the Departmental Valuation Officer (DVO) to ascertain the correct fair market value. The CIT(A) also failed to consider this aspect.

What were the facts?

The assessee sold non-agricultural land for Rs. 10.00 lakhs, but the Assessing Officer invoked Section 50C and deemed the sale consideration to be Rs. 15.00 lakhs based on the SRO value. The assessee argued that he only received Rs. 10.00 lakhs and the fair market value was not lower than this amount.

What were the issues?

Whether the Assessing Officer was justified in invoking Section 50C without referring the matter to the DVO when the assessee disputed the SRO value and claimed a lower actual sale consideration.

Which sections of the Income-tax Act were involved?

Section 50C,Section 143(1),Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI V. DURGA RAO, HON’BLE & SHRI D.S. SUNDER SINGH, HON’BLE

For Appellant: Shri Sanjeeva Rao – Advocate
For Respondent: Shri P.S. Murthy – Sr.DR
Hearing: 30/07/2018

PER V. DURGA RAO, JUDICIAL MEMBER

The above captioned Stay Application and appeal filed by the assessee are directed against the order of Commissioner of Income Tax (Appeals)-1, Visakhapatnam, dated 26/05/2017 for the Assessment Year 2007-08. 2. This appeal is barred by limitation by 16 days. The assessee has filed an application along with affidavit for condonation of delay. Ld. Departmental Representative opposed the same. From S.A.No. 02/VIZ/2018 (Shabbir Kutubuddin Lokhandwala) the affidavit filed by the assessee, it is seen that the order dated 26/05/2017 of the ld. CIT(A) has to file an appeal on or before 26/07/2018. In the intervening period, the assessee was travellin

The order continues below.

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