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| The Tax Publishers2020 TaxPub(DT) 2279 (Ind-Trib) : (2020) 184 ITD 0323 INCOME TAX ACT, 1961
Section 251(2)
Where assessee first time made objection before CIT(A) regarding valuation of property without raising any objection before AO, CIT(A) having had coterminous powers with AO he ought to have referred the matter of valuation to DVO in spite of dismissing the appeal.
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Appeal [CIT(A)] - Powers - Rejection of first time objection made before CIT(A) on the ground of no objection raised before AO -
Assessee purchased immovable property at Rs. 1,60,10,100 but stamp valuation authority adopted value at Rs. 1,61,30,000. Therefore, AO taxed difference of Rs. 1,19,800 as deemed income under section 56(2)(ii)(b). Assessee first time made objection before CIT(A) regarding valuation of property but CIT(A) dismissed the appeal. As per AO, assessee should have raised such objection before AO but no such objection was raised before AO therefore, addition was sustainable. Held: Since CIT(A) had coterminous powers with AO he ought to have referred the matter of valuation to DVO therefore, issue was set aside to CIT(A) for deciding afresh after referring the matter to DVO.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2015-16
IN THE ITAT, INDORE BENCH
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