21 December 2012
My case re-opened due to AIR Information. I has disclosed the Profit as per Jantri Value and paid tax on capital gain. A.O. want to sent the case for valuation to department valuer. So I want to know that this type of procedure is valid in assessment. When I has already disclose the difference of purchase & Sales proceeds as per Jantri value. Please guide me what can I do in this case.
21 December 2012
During the processes of assessment or re-assessment, it is open to the AO to refer the case to he department valuer. Hence the AO is right in his act if he has doubt on the value of property as been disclosed by you.
But I have a question! What do you mean by "jantri value"? Is it the value adopted for stamp duty purpose?
CAclubindia
