PARIJA CONSTRUCTION CO.(P) LIMITED,BHUBANESWAR vs. INCOME TAX OFFICER, WARD-1, BHUBANESWAR

The appeal of the assessee is barred by 13 days. Though the assessee has not filed any condonation application, however, ld.AR, during the course of hearing requested for condonation of delay. Ld.Sr. DR also did not object to the same. Accordingly, we condone the delay of 13 days and proceed to dispose off the appeal.

It was submitted by the Ld. AR that the assessee had filed its return of income and in the course of assessment, it was noticed that the assessee had purchased a property for a consideration of Rs.98,00,000/-, whereas the stamp value consideration was Rs.1,17,36,640/-. It was 2 submission that the admittedly before the AO though the assesee had objected to the additions, the assessee had not requested the AO to refer the matter to the DVO. It was submission that before the ld.CIT(A) the assessee had requested that the matter be referred to DVO for valuation. It was submission that the Ld.CIT(A) did not consider the submissions of the assesses and has confirmed the addition made by the AO representing the difference between the purchase price as disclosed by the assessee and the stamp value consideration. It was the prayer that the issues in this appeal may be restored to the file of the AO and the assessee would pray before the AO for the reference to the valuation of research.

In reply, the Ld.Sr.DR submitted that he has no objection if the issues are restored to the file of the AO for readjudication after verification by the AO subject to the assessee making the prayer for the same before the AO.

We have considered the rival submissions. As it is noticed that the assessee had not made the prayer for reference to valuation DVO before the AO, in the interest of justice, as to grant the assessee adequate opportunity to substantiate its case, the issues in this appeal are restored to the file of the AO for readjudication after granting the assessee adequate opportunity to substantiate its case. Liberty is granted to the assessee to make all such submissions as required before the AO.