Income Tax Officer, Ward 14(1), Delhi Vs. K G Buildwell Private Limited

Parties Involved

Facts Summary

The assessee company, K G Buildwell Private Limited, filed its return of income for the Assessment Year 2012-13 declaring a total income of Rs.9,15,850/-. The Income Tax Officer (AO) assessed the company under Section 143(3) of the Income Tax Act, 1961. The assessment was initially passed without receiving a valuation report from the Designated Valuation Officer (DVO). Subsequently, a valuation report from the DVO dated 20.01.2017 and 24.01.2017 indicated that the sale value of properties had been suppressed by Rs.6,25,53,658/-. Proceedings under Section 147 of the Act were initiated, and an addition of Rs.6,25,53,658/- was made by the AO vide order dated 14.12.2017. The assessee appealed this order before the Learned Commissioner of Income Tax (Appeals)/National Faceless Assessment Centre (Ld. CIT(A)), which was allowed on 30.10.2023. The Department of Revenue then appealed this decision to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Ld. CIT(A) was justified in deleting the addition made by the AO on account of undisclosed income on suppressed sale of property by not considering the Valuation Report of DVO and comments of AO in the remand report.
• 2. Whether the Ld. CIT(A) was justified in admitting the additional evidences submitted by the assessee under Rule 46A of the I.T. Act, 1961 despite the AO's denial.
• 3. Whether the Ld. CIT(A) was justified in deleting the addition by not considering the fact that the Valuation Officer also gave sufficient opportunity to the assessee to submit the documents related to property which the assessee did not avail.

Judgment Outcome

Decided in favour of Revenue.

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