TMI Blog2014 (1) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... on of stamp duty valuation - It was duty of the Assessing Officer to refer valuation of the property to the Valuation Cell of the Income-tax Department - The issue was restored to the file of the Assessing Officer with the direction that the Assessing Officer to refer the property to the Valuation Cell of the Income-tax Department for the purpose of valuation of property and, thereafter, adopt the valuation for working out capital gains. - ITA No. 471/Rjt/2013, ITA No. 472/Rjt/2013, ITA No. 473/Rjt/2013 - - - Dated:- 3-1-2014 - Shri T. K. Sharma, JM And Shri B. R. Jain, AM,JJ. For the Petitioner : Shri Kalpesh Doshi, CA For the Respondent : Dr. J. B. Jhaveri, DR ORDER T. K. Sharma, J. M. These three appeals by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... istration authority to collect the stamp duty is not significant, it does not serve any useful purpose to refer the property to D.V.O. for valuation at this stage. Therefore, no interference is called for in respect of the assessment order passed by the assessing officer. Addition made at Rs.59,878 on account of short term capital gains for A.Y. 2006-07 stands confirmed. " Aggrieved with the order of ld. CIT(A), all the three assessees are in appeal before this Tribunal. The grounds raised in all the three appeals are identical; therefore, for the sake of convenience we reproduce the grounds of appeal raised by the assessee in the case of Shri Mansukhlal Ghelabhai Doshi, which read as under:- "1. That, the learned CIT(A) has wrongly con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be set aside and the matter be remanded to the file of the Assessing Officer with the direction that he should refer the valuation of property in question to Valuation Cell of Income-tax Department and, thereafter, adopt the valuation for working out capital gains. 4. As against the aforesaid submissions made by the ld. Counsel of the assessee, ld. Departmental Representative pointed out that though before the Assessing Officer the assessee objected but he never asked the Assessing Officer to refer the valuation of capital gains to the Valuation Officer, therefore, the view taken by the ld. CIT(A) be upheld. 5. After hearing both the sides, we have carefully gone through the orders of the authorities below. In this context, we would lik ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (6) of section 16A, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. [Explanation 1].--For the purposes of this section, "Valuation Officer" shall have the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957). [Explanation 2.--For the purposes of this section, the expression "assessable" means the price which the stamp valuation authority would have, notwithstanding anything to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he property as on the date of transfer, and he has not disputed value so adopted or assessed in any other appeal or provision or reference before any authority or Court, the Assessing Officer may refer the valuation of the relevant asset to a Valuation Officer in accordance with Section 55A of the Income-tax Act. Sub-section (3) of section 50C of the Act further provided that if the FMV determined by the valuation officer is less than the value adopted for stamp duty purposes, the Assessing Officer may adopt such FMV to be full value of consideration. However, if the FMV determined by the valuation officer is more than the value adopted or assessed for stamp duty purposes, the Assessing Officer shall not adopt such FMV and shall take the fu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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