Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (7) TMI 57 - ITAT DELHIComputation of capital gain – Matter referred to DVO – Held that:- as per sub-section (2), if the assessee claims before the Assessing Officer that the stamp duty valuation exceeds the fair market value of the property, then, the Assessing Officer is bound to refer the matter to the valuation officer. Section 50C is deeming provision wherein for purpose of computing capital gain, stamp duty valuation of property to be substituted against actual consideration for purpose of levy of capital gain under Section 48 of Income-tax Act – Assessing Officer required to compute capital gain as per valuation report of DVO except where valuation exceeds stamp duty valuation – In such circumstances, capital gain to be computed as per stamp duty valuation – Action of Assessing Officer perfectly in accordance with law in view of provisions of Section 50C of Income-tax Act read with Section 16A of Wealth-tax Act – Decided against the assessee.
|