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2016 (3) TMI 1322 - ITAT JAIPURReopening of assessment u/s 147 - computation of capital gain by taking the sale consideration - Held that:- Whatever proceedings are available on the record cannot be presumed directly that the basis of reasons to believe is that the proceedings without referring by the Assessing Officer is reason to believe. The reasons recorded by the Assessing Officer are self contained. AR claimed that the assessee enclosed the copy of sale deed where value by the stamp authority had been disclosed alongwith the return, appears to be incorrect that the assessee had enclosed the copy of sale deed as evident from the remark “photo copy of the sale deed of property sold (2)” can be referred two pages of the copy of deed but on verification of the copy of the sale deed, it is in nine page. Even the assessee enclosed the copy of sale deed alongwith the return, it is not necessary to verify the each and every item by the Assessing Officer as the returns are processed on computer and whatever refund/demand is sent directly to the assessee. These returns are bunched and put in the record room. The department hardly takes 1% return under the scrutiny to promote the compliance of the tax payment for the public. It is also on the part of the assessee to disclose the true facts in the return. The assessee has calculated capital gain by taking the sale consideration of ₹ 60 lacs in computation of income. Therefore, we uphold the order of the CIT(A) on this issue. Addition without considering Section 50C(2) - non reference to DVO - computation of capital gain, the sale value on the basis of value adopted by the stamp authority - AR has submitted that the ld Assessing Officer was aware that sale value/fair market value of the property was less than the stamp duty value, he should have referred the case to the valuation officer - Held that:- As per Section 50C, AO is duty bound to take value as taken by the Stamp Authorities. As per law the assessee can challenge the valuation made by the stamp authority by filing the appeal against the stamp duty paid before the appellate authority under the Registration of Stamp Act and another alternative is that he can object the valuation proposed by the Assessing Officer on the basis of Section 50C and on that basis the Assessing Officer can refer the issue to the DVO and get valuation as per law. The Hon’ble Calcutta High Court in the case of Sunil Kumar Agarwal [2014 (6) TMI 13 - CALCUTTA HIGH COURT] cited by the assessee are squarely applicable. Therefore, the ld Assessing Officer is directed to refer the matter to the DVO and take fair market value on the date of sale/transfer. On that basis, he will compute the capital gain as per law. Therefore, we set aside this issue to the Assessing Officer. - Decided partly in favour of assessee.
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