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2019 (4) TMI 1022 - AT - Income TaxCapital Gain or business income - sale of property - Computation of short-term capital gain - addition invoking section 50C - obligation to refer the matter to the DVO - assessee not made any request for reference to the valuation officer - HELD THAT:- In the instant case, the assessee himself has shown the transactions of sale of the property under the head capital gain and filed the return of income. Even in case of one property, the assessee declared long-term capital gain and claimed deduction under section 54F. Though the assessee is carrying business of trading in “Agarbatties”, “Papad” and “Badies”, but no books of accounts have been maintained in respect of the sale of properties. It is also seen that properties have not been shown as a stock-in-trade or business asset in any of the earlier years since purchase of the properties. When all these factual observation are seen cumulatively, the claim of the assessee that the activity of sale of properties should be treated as business fails. We reject the claim of the assessee that gain on sale of the properties should be assessed under the head profit of the business. In the instant case before us, neither the assessee made any request for reference to the valuation officer nor filed any valuation report of the registered valuer in support of claim of fair market value of the properties. In view of the aforesaid, we reject the contention of the learned counsel that the Assessing Officer was bound to refer the matter to the learned DVO. In our opinion, the findings of the Ld. CIT(A) on the issue in dispute are well reasoned and we do not find any error in the same and accordingly, we uphold the same. - Decided against assessee.
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