TMI Blog2014 (1) TMI 1309X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer failed to refer the matter to the valuation officer u/s 50C(2) of the Act, it would be proper to restore the matter back to the file of the Assessing Officer for a fresh adjudication after referring the matter to the Valuation Officer u/s 50C(2) of the Act – Decided in favour of Assessee. - I.T.A. No. 5332/Del/2012 - - - Dated:- 31-7-2013 - Shri Rajpal Yadav And Shri T. S. Kapoor,JJ. For the Petitioner : Mrs. Rano Jain Sh. V. Mohan, CAs. For the Respondent : Sh. Sukhveer Choudhary, Sr. DR. ORDER Per Rajpal Yadav, JM:- The present appeal is directed at the instance of assessee against the order of ld. CIT (A) dated 5.09.2012 passed for A.Y. 2009-10. 2. Though the assessee has taken four groun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es below and directed the AO to make a reference to the valuation officer u/s 50C(2) and re-adjudicate the issue. The ld. counsel for the assessee has placed on record copy of the Tribunal's order dated 26.4.2013. 4. The ld. DR on the other hand was unable to controvert the contention of ld. counsel for the assessee. 5. We have duly considered the rival contention and gone through the record carefully, it emerges out from the record that assessee has filed her return of income on 30.30.2010 declaring total income of Rs.2,24,900/-. She has shown short-term capital gain of Rs.1,11,234/- on sale of half shares in the property, bearing no. 1/89 Gyan Khand Indirapuram, Ghaziabad. According to the assessee the property was sold for a consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er u/s 50C(2) of the Act to determine the fair market value before invoking provisions of section 50C(1) of the Act. From careful perusal of the assessment order, we find that the Assessing Officer has acknowledged the reply of the assessee vide letter dated 12.11.2011, 14.11.2011 and 18.11.2011 (Paper Book page no. 13 to 17) wherein the assessee has emphasized the fact that circle rate i.e. value adopted by stamp valuation authority under sub-section (1) of section 50C in respect to the property sold is much higher than the actual fair market value and the property has been sold on the consideration as stipulated in the sale deed. In the last operative part of the assessment order, the Assessing Officer held that the assessee has not given ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... serve that it is also not the case whether the value adopted by the stamp valuation authority has ever been disputed by the assessee in any appeal or revision or otherwise as referred to in section 50C(2) of the Act. In these circumstances, it was incumbent upon the Assessing Officer to refer the matter for valuation to a Valuation Officer has provided in sub-section 50C(2) of the Act. 10. On the basis of foregoing discussion and factual matrix of the present case, we hold that the view taken by the Assessing Officer as well as confirmed by the Commissioner of Income Tax(A) is not correct. Since the Assessing Officer failed to refer the matter to the valuation officer u/s 50C(2) of the Act, we find it fit and proper to restore the matter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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