INCOME TAX OFFICER, WARD-7(1), HYDERABAD vs. RAHMATHUNNISA BEGUM, HYDERABAD

ITA 239/HYD/2024Status: HeardITAT Hyderabad07 May 2024AY 2013-14Bench: Shri Laliet Kumar (Judicial Member), Shri Manjunatha, G. (Accountant Member)6 pages
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What did the Tribunal hold?

The Tribunal held that while the CIT(A) has powers to conduct further inquiries, they cannot remand the matter to the AO. The Tribunal modified the CIT(A)'s direction, ordering the AO to refer the matter to the DVO for valuation.

What were the facts?

The assessee sold a property for Rs. 3,15,00,000/-, significantly lower than the SRO value of Rs. 11,96,80,000/-. The AO made an addition based on Section 50C. The CIT(A) remanded the matter to the AO for a DVO report on the property's market value.

What were the issues?

Whether the CIT(A) has the power to remand a matter to the Assessing Officer for determining the market value of a property under Section 50C, and the proper procedure for obtaining a valuation report.

Which sections of the Income-tax Act were involved?

Section 50C,Section 142A,Section 251(1),Section 250

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Income Tax Appellate Tribunal, Hyderabad ‘B‘ Bench, Hyderabad

Before: Shri Laliet Kumar & Shri Manjunatha, G.

Hearing: 07/05/2024

Per Laliet Kumar, J.M This appeal filed by the Revenue is directed against the order dated 21.12.2023 of the learned CIT (A)-NFAC Delhi, relating to A.Y.2013014. 2. The Revenue raised the following grounds:

ITA No 239 of 2024 Rahmathunnisa Begum

3.

Facts of the case, in brief, are that in the present case the assessee sold her property admeasuring 2 Acres and 10 Guntas situated at Sy. No.77, Hafiz Pet Village, Serilingampally, R.R. District to M/s. Calvari Temple Foundation for a sale consideration of Rs.3,15,00,000/- though

The order continues below.

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