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2015 (8) TMI 834 - AT - Income TaxApplication of provisions of sec. 50C - CIT(A) deleted the additions as relying on case of CIT Vs. Khoobsurat Resorts Pvt. Ltd. [2012 (11) TMI 590 - DELHI HIGH COURT] as convinced that no permanent structure of any kind can be erected on the impugned land and AO has not considered the circumstances relating to land and has mechanically applied the provisions of sec. 50C - Held that:- The undisputed fact is that the assessee has shown sale consideration from the sale of impugned property, whose stamp duty value was much higher. It is also undisputed fact that the assessee had sold the property under duress. It is also an undisputed fact that the bungalow erected on the impugned land was demolished by the local authorities. Such facts lead to only one conclusion that the stamp duty valuation is not done considering these related factors. In our considered opinion, the matter should have been referred to the District Valuation Officer (DVO) to value the property after considering all the related facts in the impugned land. In the interest of justice and fair play, we therefore, restore this issue to the file of the Assessing Officer. The Assessing Officer is directed to refer the matter to the DVO mentioning the special character of the impugned property and decide the issue afresh after giving reasonable and fair opportunity of being heard to the assessee. - Decided in favour of revenue for statistical purpose.
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