NITIN CHOCRSEY,SHIVPURI vs. INCOME TAX OFFICER SHIVPURI, SHIVPURI

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ITA 138/AGR/2024Status: DisposedITAT Agra19 February 2025AY 2010-11Bench: HON’BLE SHRI SATBEER SINGH GODARA (Judicial Member), SHRI MANOJ KUMAR AGGARWAL (Accountant Member)1 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal, relying on the decision of the Hon'ble High Court of Calcutta in Sunil Kumar Agarwal's case, accepted the assessee's prayer for valuation by the Departmental Valuation Officer (DVO). The assessment was restored to the AO for re-framing after obtaining DVO's valuation.

What were the facts?

The assessee sold a piece of land for Rs. 15 Lacs, while its stamp duty valuation (SDV) was Rs. 88.80 Lacs. The Assessing Officer (AO) invoked Section 50C and adopted the SDV for re-computing capital gains. The assessee's first appeal was dismissed for non-representation.

What were the issues?

Whether the Assessing Officer was justified in adopting the stamp duty valuation for computing capital gains without referring the matter for valuation by the Departmental Valuation Officer.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 50C

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Income Tax Appellate Tribunal, “DB” BENCH, AGRA

Before: HON’BLE SHRI SATBEER SINGH GODARA, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member)

1.

Aforesaid appeal by assessee for Assessment Year (AY) 2010-11 arises out of an order of Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 24-03- 2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) r.w.s. 147 of the Act on 28-12-2017. Having heard rival submissions, the appeal is disposed-off as under.

2.

It transpired that the assessee sold piece of land for Rs.15 Lacs as against its stamp duty valuation (SDV) of Rs.88.80 Lacs. The Ld. AO, invoking the provisions of Se.50C, adopted SDV of Rs.88.80 Lacs and re-computed capital gains. The first appeal was dismissed for want of any representation from the assessee. Aggrieved, the assessee is in further appeal before us. The Ld. AR has sought valuation of the property by Departmental Valuation Officer (DVO).

2. In terms of decision of Hon’ble High Court of Calcutta in the case of Sunil Kumar Agarwal (47 Taxmann.com 158) which mandate such valuation by DVO, we accept the prayer of Ld. AR. Accordingly, the assessment stand restored back to the file of Ld. AO with a direction to refer the valuation to DVO. The Ld. AO is directed to reframe the assessment. The assessee is directed to substantiate its valuation. No other ground has been urged in the appeal.

3.

The appeal stand partly allowed for statistical purposes. Order pronounced on 19th February, 2025.

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