Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TDS :: ACCOUNTING STANDARDS :: due date for vat payment :: form 3cd :: VAT RATES :: cpt :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: empanelment :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit
From the Courts »
 Order of a Four-Member Appellate Authority constituted under Chartered Accountants Act is Valid: Delhi HC
 Emami Infrastructure Ltd vs. ITO (ITAT Kolkata)
  Anand Agarwal vs. Vilas Chandrakant Gaokar (Bombay High Court)
 Bar Council of India vs. A. K. Balaji & Ors (Supreme Court)
 ITO vs. Venkatesh Premises Co-op Society Ltd (Supreme Court)
 Pr CIT vs. Amphenol Interconnect India P. Ltd (Bombay High Court)
 Pr CIT vs. Amphenol Interconnect India P. Ltd (Bombay High Court)
 Anand Agarwal vs. Vilas Chandrakant Gaokar (Bombay High Court)
 Principal Commissioner Of Income Tax (Central)-I Vs. Smt. Ritu Singal
 Vinod Kumar Gupta Vs. Deputy Commissioner Of Income Tax Central Circle-17
 How you can gift and still save tax on top of HRA, tuition fee, more Income Tax Returns (ITR) filing top hack

ITO vs. Aditya Narain Verma (HUF) (ITAT Delhi)
June, 15th 2017

S. 50C: Failure by the AO to refer the valuation of the capital asset to a valuation officer instead of adopting the value taken by the stamp duty authorities is a fatal error and the assessment order has to be annulled. The matter cannot be set aside to the AO for a second chance. The power of the ITAT to set aside cannot be exercised so as to allow the AO to cover up the deficiencies in his case

On the very perusal of the provisions laid down under section 50C of the Act reproduced hereinabove, we fully concur with the finding of the id. CIT (Appeals) that when the assessee in the present case had claimed before Assessing Officer that the value adopted or assessed by the stamp valuation authority under sub section (1) exceeds the fair market value of the property as on the date of transfer, the Assessing Officer should have referred the valuation of the capital asset to a valuation officer instead of adopting the value taken by the state authority for the purpose of stamp duty.

The very purpose of the Legislature behind the provisions laid down under sub section (2) to section 50C of the Act is that a valuation officer is an expert of the subject for such valuation and is certainly in a better position than the Assessing Officer to determine the valuation. Thus, non-compliance of the provisions laid down under sub section (2) by the Assessing Officer cannot be held valid and justified. The Honble jurisdictional High Court of Allahabad in the case of Shashi Kant Garg 285 ITR 158 (All) has been pleased to hold that it is well settled that if under the provisions of the Act an authority is required to exercise powers or to do an act in a particular manner, then that power has to be exercised and the act has to be performed in that manner alone and not in any other manner. Similar view has been expressed by the other decisions cited by the id. AR.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions