Tribunal held that since the value of the property was disputed, the Assessing Officer had to make a reference to DVO for the purpose of valuing the same; Agricultural land cannot be taken out of the purview of section 56(2)(x). Matter remanded. (AY. 2018-19)
Clayking Minerals LLP v. ITO (2025) 213 ITD 1 (Ahd) (Trib.)
S. 56: Income from other sources-Agricultural land-Capital gains-Full value of consideration-Stamp valuation-Agricultural land is also covered under section 56 (2)(x)-When the value of land is disputed, the Assessing Officer ought to have referred the matter to the Departmental Valuation Officer (DVO)-Matter remanded. [S.2(14) 50C(2), 56(2)(10)]
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