Before Sh. Kul Bharat, Judicial Member and Dr. B. R. R. Kumar, Accountant Member
The present appeal has been filed by the assessee against the order of ld. CIT(A)-42, Delhi dated 17.06.2022.
The provisions of Section 55A reads as under:…
As per the provisions of the Act, the Assessing Officer may refer the valuation of capital asset to a Valuation Officer for ascertaining the fair market value of a capital asset, if the Assessing Officer is of opinion that the value claimed by the assessee is at variance with its fair market value. In this case, we have gone through the order of the Assessing Officer and find that no justification has been given by the Assessing Officer while referring the matter to the DVO…
Ergo, we hold that the re-computation of the long term capital gains made by the AO as confirmed by the ld. CIT(A) cannot be sustained.
In the result, the appeal of the assessee is allowed.
Order Pronounced in the Open Court on 03/08/2023.
Presiding Officers:
Sh. Kul Bharat, Judicial Member
Dr. B. R. R. Kumar, Accountant Member
Income Tax Appellate Tribunal Delhi Bench ‘F’, New Delhi – ITA No. 1828/Del/2022
Manage the increasing number of hearings effortlessly by leveraging the legal AI revolution We are India's Leading revolutionary AI-powered legal platform where you can get enough insights into top cases and judgements.
Research Platform