MR. PRALHAD L ARONDEKAR,CALANGUTE vs. INCOME TAX OFFICER, WARD 2(1), PANAJI

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ITA 114/PAN/2024Status: DisposedITAT Panaji11 February 2025AY 2016-17Bench: SHIR PAVAN KUMAR GADALE (Judicial Member), SHRI G D PADMAHSHALI (Accountant Member)7 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the CIT(A) erred by overlooking the DVO report, which was submitted by the assessee during appellate proceedings and showed a lower valuation than the stamp duty authority. Citing principles of natural justice, the Tribunal restored the matter to the CIT(A) for fresh adjudication, instructing the CIT(A) to consider the DVO report and provide the assessee with an adequate opportunity of hearing.

What were the facts?

The assessee, engaged in real estate, sold a building and purchased two plots in A.Y. 2016-17. The Assessing Officer (AO) made additions by adopting stamp duty valuation as sale/purchase consideration, which was significantly higher than the reported values, and passed an order under Section 143(3). The assessee had requested a DVO reference, but the report was not received by the AO before the assessment was finalized, leading to the CIT(A) confirming the AO's action.

What were the issues?

Whether the CIT(A) erred in confirming additions based on stamp duty valuation without considering a DVO report, available during appellate proceedings, that showed a lower valuation, and the applicability of Sections 43CA and 50C.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 250,Section 143(2),Section 142(1),Section 43CA,Section 50C,Section 55A(a)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PANAJI BENCH, PANAJI

Before: SHIR PAVAN KUMAR GADALE & SHRI G D PADMAHSHALI

Hearing: 06.02.2025Pronounced: 11.02.2025

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : अपीलाथ� / The Appellant 1. ��यथ� / The Respondent. 2. 3. संबं�धत आयकर आयु�त / The CIT(A) 4. आयकर आयु�त(अपील) / Concerned CIT 5. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, अहमदाबाद / DR, ITAT 6. गाड� फाईल / Guard file.

( Asst. Registrar) ITAT,Panaji

Initial Date 1. Draft dictated on PS 2. Draft placed before author PS

3.

Draft proposed & placed before PS the second member 4. Draft discussed/approved by PS Second Member. 5. Approved Draft comes to the PS Sr.PS/PS 6. Kept for pronouncement on 7. File sent to the Bench Clerk 8. Date on which file goes to the AR 9. Date on which file goes to the Head Clerk. 10. Date of dispatch of Order. 11. Dictation Pad is enclosed 2. Other Member… on

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