S. MUTHURAJA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE following substantial questions of law are raised by the assessee in seeking admission of the Tax Case Appeal No. 449 of 2013 relating to the assessment year 2009 -10, preferred as against the orders of the Income Tax Appellate Tribunal, Chennai 'C' Bench dated 31.01.2013 passed in I.T.A. No. 1587/Mds/2012.

(2.) WHETHER the Tribunal was correct in law in adopting the value as per Section 50C(1), in spite of the jurisdictional High Court decision holding that once objection is raised the matter shall be referred to the District Valuation Officer?

(3.) WHETHER the Tribunal is right in assessing the capital gains in the hands of assessee when the sale consideration was received by assessee and his brother as co -owners of the property?