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ITAT Ahmedabad directs AO to mandatorily refer to DVO when stamp duty value is disputed – Addition u/s 50C set aside
Case Law Details
- Case Name
- Bhupendrabhai Bhikhalal Patel Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Ahmedabad
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Bhupendrabhai Bhikhalal Patel Vs ITO (ITAT Ahmedabad)
Assessee sold agricultural land for ₹10,00,000. However, the Sub-Registrar adopted jantri value of ₹29,65,802 for stamp duty purposes. AO reopened the assessment & applied u/s 50C, taking stamp duty value as full consideration & computed STCG of ₹24,53,638. Further, ₹1,75,000 commission income was also added as income from other sources since Assessee did not report it in the return filed in response to notice u/s 148.
Before CIT(A), Assessee did not file any evidence or submissions. Hence, CIT(A) upheld the additions....
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