SWAPNA ALOK CHOWDHURY,SAMBHAJINAGAR vs. INCOME TAX OFFICER, WARD-10(1), AURANGABAD, AURANGABAD

It emerges at the outset with the able assistance coming from the Revenue’s side that both the learned lower

A perusal of the case file reveals that learned Assessing Officer had indeed made the statutory reference to the DVO, Nagpur u/sec.50C(2) of the Act on 01.12.2019 for determining the fair market value of the assessee’s land as indicated in para-7 page-3 of the assessment order dated 18.12.2019. He thereafter framed the impugned assessment in assessee’s case on the ground that the same was getting time barred on 31.12.2019. Meaning thereby, that the DVO’s valuation report in consequence to the Assessing Officer’s reference never saw light of the day. Learned DR could hardly dispute the clinching fact that even the CIT(A)’s lower appellate discussion has nowhere considered this aspect whilst affirming the impugned addition in assessee’s hands.

Faced with this situation, we deem it appropriate to restore the assessee’s instant sole substantive ground back to the learned Assessing Officer for his afresh appropriate decision taking into consideration of the DVO’s valuation

This assessee’s appeal is allowed for statistical purposes in above terms.