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2015 (2) TMI 1289 - AT - Income TaxValidity of notice U/s 148 - AIR information received from CIB, it came to notice that the sale value of a property sold by the assessee was adopted by the Sub-Registrar - Held that:- Assessing Officer has vast power U/s 147 within four years when there was no scrutiny assessment in the case of the assessee. The case laws cited by the learned counsel for the assessee are squarely not applicable. The information received from CIB is simple information, has not construed any opinion. It is for AO to decide whether this information can be part of the reason to believe or not. In this case, it is undisputed fact that the assessee has not taken sale consideration of the immoveable property as per Section 50, which is deeming provision on computation of capital gain. Therefore, we confirm the reopening made by the Assessing Officer, confirmed by the learned CIT(A). This ground of assessee’s appeal is dismissed. Taking sale value consideration on the basis of sale deed for stamp valuation and computing capital gain - non reference of valuation of land to the DVO - Held that:- It is undisputed fact that the assessee simply challenged the sale consideration on the basis of stamp valuation authority but had not requested to refer this issue to the DVO but the Hon’ble Calcutta High Court in the case of Sunil Kumar Agarwal Vs. CIT, Siliguri [2014 (6) TMI 13 - CALCUTTA HIGH COURT] as held the valuation by the departmental valuation officer, contemplated u/s 50C, is required to avoid miscarriage of justice - The legislature did not intend that the capital gain should be fixed merely on the basis of the valuation to be made by the District Sub Registrar for the purpose of stamp duty - Even in a case where no such prayer is made by the learned advocate representing the assessee, who may not have been properly instructed in law, the AO, discharging a quasi-judicial function, has the bounden duty to act fairly and to give a fair treatment by giving him an option to follow the course provided by law – thus, the order is set aside and the matter is remitted back to the AO as directed to refer the valuation of land to the DVO for the purpose of valuation of the land on the date of sale – Decided in favour of Assessee for statistical purposes only..
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