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2015 (6) TMI 481 - AT - Income TaxReference to Valuation Officer to determine the fair market value - Whether in view of Section 50C when the fair market value is less than the registration value adopted by the registering authority, the matter has to be referred to the Valuation Officer? - Held that:- When the fair market value is less than the value adopted by the registering authority, Section 50C of the Act clearly says that the matter has to be referred to the Valuation Officer to determine the fair market value. In this case, both the authorities below have not referred the matter to the Valuation Officer. When the assessee shows the sale consideration at ₹ 5,58,25,000/- in the sale deed, it would not be correct to say that the assessee did not object to the value adopted by the Assessing Officer at ₹ 9,73,58,800/-. In order to avoid dispute with registering authority and for early registration of the document, stamp duty might have been paid for the value determined by the registering authority. However, the actual sale consideration shown in the sale deed cannot be disregarded unless and until the valuation report obtained by the Assessing Officer as required under Section 50C. Therefore, this Tribunal is of the considered opinion that the matter needs to be referred to the Valuation Officer. - Decided in favour of assessee for statistical purposes. Allowability of TDS - Held that:- The ground relating to TDS certificates to the extent of ₹ 3,83,236/- was not disposed of by the CIT(Appeals). This Tribunal is of the considered opinion that when the tax was deduced at source as per the scheme of the Income-tax Act, the Assessing Officer is bound to give credit for the tax deducted at source, otherwise, the very purpose of deducting tax would be defeated. Therefore, this Tribunal is of the considered opinion that the Assessing Officer shall reconsider the issue after verifying the TDS certificates that were said to be filed by the assessee. Accordingly, the matter is remitted back to the file of the Assessing Officer. - Decided in favour of assessee for statistical purposes. Assessability of surplus on the sale of land - Held that:- It is not the case of the Revenue that the order of the Tribunal was stayed by the High Court for assessment year 2004-05. In those circumstances, the mere pendency of appeal before the High Court cannot be a reason to take a different view. Therefore, by following the order of this Tribunal for assessment year 2004-05 in the assessee's own case the CIT(Appeals) has rightly directed the Assessing Officer to assess the surplus on the sale of lands under the head “capital gains”. We do not find any infirmity in the order of the CIT(Appeals) and accordingly confirm the same. - Decided against revenue.
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