DY. CIT Vs. KAYSONS BUILDERS PVT. LTD.

JUDGEMENT

(1.) THIS appeal is preferred by the Revenue against the order of the ld. CIT(A), inter alia, on various grounds, which are as under: -

(2.) THE Ld. CIT(A) failed to appreciate the fact that the assessee has never claimed during the assessment proceedings that the value adopted or assessed or assessable by the stamp valuation authority exceeded the fair market value of land in order to require a reference for valuation u/s 50C(2).

(3.) THE Ld. CIT(A) failed to do justice with Section 50C(2) r.w.s. 50C(3) of the Income -tax Act while rejecting the valuation made by the DVO and the relief given by the Ld. CIT(A) is contrary to words and spirit of section 50C(1) of the Income -tax Act. 1961.