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Facts
The assessee's appeal for assessment year 2012-13 arises from an order involving proceedings under section 147 read with section 144 of the Income-tax Act. The appeal was heard ex parte as the assessee did not appear.
Held
The Tribunal noted that the lower authorities added the difference between the actual sale price and the stamp price as long-term capital gain without referring the matter to the DVO, which is mandatory under section 50C. Therefore, the appeal is restored to the Assessing Officer for fresh adjudication.
Key Issues
Whether the addition of the difference between sale price and stamp duty value as capital gain was justified without referring the matter to the DVO under Section 50C of the Act.
Sections Cited
147, 144, 50C
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Income Tax Appellate Tribunal, AGRA BENCH, AGRA
Before: SHRI SATBEER SINGH GODARA & SHRI MANOJ KUMAR AGGARWAL
ORDER
Per Satbeer Singh Godara, Judicial Member:
This assessee’s appeal for assessment year 2012-13, arises against the Commissioner of Income Tax (Appeals)-Aligarh’s order in appeal no. 116/2017-18/Aligarh dated 21.06.2018, involving proceedings under section 147 r.w.s. 144 of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’).
Case called twice. None appears at the assessee’s behest. We, accordingly, proceeded ex parte against the assessee.
Learned DR vehemently argued during the course of hearing that both the lower authorities have rightly added the difference between the assessee’s actual sale price of Rs.1,20,00,000/- and stamp price of Rs.1,49,01,000/-; coming to Rs.29,01,000/-, as long-term capital gain (1/3rd share) u/s. 50C of the Act. He could hardly dispute the clinching fact that no reference was made by the learned lower authorities to the DVO u/s. 50C of the Act held as mandatory in Sunil Kumar Agarwal Vs. CIT (2015) 372 ITR 83 (Cal). Faced with this situation, we hereby restore the assessee’s instant appeal back to the Assessing Officer for his fresh adjudication. The assessee shall indeed be at liberty to raise all factual and legal pleadings in the consequential proceedings.
This assessee’s appeal is allowed for statistical purposes. Order pronounced in the open court on13THFebruary, 2025.