HIRAK SARKAR,HOOGHLY vs. ACIT, CIR. 23(1), HOOGHLY

ITA 892/KOL/2024Status: DisposedITAT Kolkata26 July 2024AY 2016-17Bench: the Ld CIT(Appeals) as his mother was not well because of prolonged disease was going under medical supervision and I.T.A. No. 892/Kol/2024 Hirak Sarkar7 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the AO failed to obtain a DVO's report for property valuation, which is mandatory for determining capital gains and for issues under Section 56(2)(vii)(b)(ii). The Tribunal also directed the AO to ascertain independent assessment of co-owners.

What were the facts?

The assessee reported a long-term capital gain on property sale, but the Assessing Officer (AO) used a higher market value for calculation, leading to an addition. The AO also made additions on a protective basis for co-owned property and for discrepancies in the purchase value of other properties compared to their market values.

What were the issues?

Whether the AO erred in not obtaining a DVO's report for property valuation and whether additions made on a protective basis for co-owned property are justified without independent assessment of co-owners.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 50C,Section 56(2)(vii)(b)(ii)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH KOLKATA

For Appellant: Shri Miraj D. Shah, AR
For Respondent: Shri Prabhakar Prakash Ranjan, Addl. CIT

Per Sonjoy Sarma, Judicial Member:

This appeal filed by the assessee pertaining to the Assessment Year (in short ‘AY’) 2016-17 is directed against the order passed u/s 250 of the Income Tax Act, 1961 (in short the ‘Act’) by the National Faceless Appeal Centre (NFAC), Delhi, dated 27.02.2024 arising out of Assessment Order dated 06.12.2018, passed under Section 143(3) of the Act.

2.

The Assessee has raised the following grounds of appeal:

“1. For that in the facts and circumstances of the case the Assessment order passed w

The order continues below.

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