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2018 (5) TMI 1005 - ITAT HYDERABADProvisions of section 50C applicability - AO referred matter to DVO - value determined by DVO - Held that:- The value submitted by the DVO is in order and AO has followed the value as per the deemed provisions of section 50C. The submissions of the assessee cannot be accepted on the fact that assessee is an NRI and was not in a position to negotiate or the market value cannot be fluctuated with a span of 4 months. The AO has to follow the provisions laid down in section 50C and he also has followed the due process of law by referring the matter to the valuation cell and, accordingly, he has adopted the value as determined by the DVO. Deduction u/s 54 - value of the property determined by the Valuation Officer of the Department - Held that:- Assessee cannot claim deduction u/s 54F in proportion to increase in capital gains after attracting the provisions of section 50C. Therefore, the ground raised by the assessee are dismissed. Interest u/s 234A and 234C - Held that:- No doubt, assessee is NRI and remittance to the assessee comes under the provisions of section 195. Deduction of tax while remitting lies with the payee. By considering the above situation, ld. CIT(A) has deleted interest charged u/s 234B and retained interest charged u/s 234A & 234C as they are statutory provisions. When an income is chargeable to tax in India, irrespective of the residential status, assessee is bound to follow advance tax provisions as laid down u/s 234A and 234C. Therefore, these provisions are consequential in nature. Accordingly, this ground raised by the assessee is dismissed.
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