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2018 (12) TMI 1551 - AT - Income TaxAddition u/s 56(2)(vii) being the difference between value mentioned in the Conveyance Deed and the stamp duty value of Immovable properties - Capital gain computation - FMV determination - Held that:- Sec.56(2)(vii)(b) is applicable in case of an individual or an HUF receiving any immovable property having stamp value exceeding ₹50,000/- rupees without consideration or such a consideration to be less than stamp price of the property by an amount exceeding ₹50,000/- rupees. As learned counsel vehemently contended that both the lower authorities have erred in law as well as on facts in invoking the impugned statutory provision find no merit in this argument since the legislature has made it clear in last proviso to sec. 56(2)(vii) that this clause does not apply to any sum of money or any property received from any relative or donor as per clauses (a) to (g) therein. This is not the assessee’s case that his four transactions are in any way covered in the last proviso. No reason to interfere with the lower authorities’ action invoking section 56(2)(vii)(b) clause (ii) of the Act. For fair market value of the assets it is an admitted fact that neither of the lower authorities made any reference to the DVO. Section 56 first proviso make it clear that where the stamp duty of immovable property is disputed on grounds mentioned in sec. 50C(2), the Assessing Officer’s may refer such a valuation to the DVO. Hon'ble jurisdictional high court’s decision in Sunil Kumar Agarwal vs. CIT [2014 (6) TMI 13 - CALCUTTA HIGH COURT] holds that a reference u/s 50C has to be mandatorily made even if the assessee concerned fails to make such request therefore apply the said ratio mutatis mutandis in light of proviso hereinabove to restore the fair market value issue back to the Assessing Officer for afresh adjudication after making necessary reference to the DVO as per law.- Assessee’s appeal is partly allowed for statistical purposes .
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