Matter referred to valuation officer but addition made without awaiting valuation report unsustainable

Manjula Jaganathan Hariprasad Vs Assessment Unit (Madras High Court) Madras High Court held that addition towards difference between purchase value and guideline value without awaiting report of valuation officer, as matter was referred to valuation officer, is clearly unsustainable. Facts- The proceedings culminating in the impugned assessment order originated from the the return of income filed by the petitioner for Assessment Year 2017-18 on 11.08.2017. In the notice u/s. 148 of the Income-tax Act, 1961, the respondents proposed three additions to the income disclosed in the return of incom...