Re: Whether assessee is entitled to get DVO report impact and pay tax in vivad scheme. since DVO report was received after passing assessment order
The AO has referred matter to DVO and passed the order (20-12-2018) mentioning that it is time barring and no option is left to take stamp duty value as sale consideration. The DVO Report was received on 10-02-2020 even after filing appeal to CIT(A) in which DVO has reduced 50C from 37 lacs to 21 lacs. The assessee want to avail vivad scheme and want to pay tax on basis of DVO Report since it is a matter of distress sale. whether we can excerise option of 154 and whether matter is covered under 155(15) so that assessee can pay revised tax on basis of DVO report in Vivad Scheme
The assessee can make an application to the Assessing Officer to rectify the assessment as per the Valuation Report of the DVO. The valuation report of the DVO is binding on the Assessing Officer. In case the Assessing Officer is not passing the order the Assesee can approach the Jurisdictional Commissioner , who can direct the Assessing Officer to pass the consequential order. The assessee can make application under Vivad Scheme , after taking in to consideration the valuation determined by the DVO .
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