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2012 (6) TMI 348 - AT - Income TaxWhether CIT (Appeals) has erred in deleting the additions and holding that the report of DVO is unjustified - Capital gains – Held that:- Under section 50C of the Act for the purpose of computation of capital gains the full value of consideration has to be adopted as per circle rates. for the purpose of computation of capital gains under section 45, the full value of consideration has to be taken as per circle rates prescribed by the State Govt. for the purpose of stamp valuation unless the AO has material in his possession to prove that the assessee had received higher amount than the circle rates. there is nothing with the AO to suggest that the assessee had received more than what is stated in the sale deed and, therefore, full value of consideration cannot be adopted as per the DVO's report which represent fair market value of industrial plot sold. Adoption of DVO's report without providing opportunity of being heard is also against the principles of natural justice. no infirmity in the order passed by the ld. CIT (A). appeal filed by the Revenue is dismissed.
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