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2017 (11) TMI 2013 - ITAT SURATShort-term capital gains made u/s. 50C - AO adopted the jantri rate and made his own valuation on the basis of assessable rate of stamp duty on the date of registration of sale deed - rate adopted on the basis of information collected from Stamp Duty Authorities with regard to various rates which were adopted for the purpose of payment of stamp duty in respect of transfer of property in various area - Jantri rate is higher than the agreement value shown in the registered documents - AO observed that new jantri rate was outcome of survey held by Government in year 2006 and same was made applicable from 01.04.2008, hence, the AO was of the view that jantri rate of 3500 per sq. mtr is not the rate of year 2008 but it was well before the date of registration of document - HELD THAT:- On the basis of information AO worked out the value of land sold and adopted the same for the purpose of stamp duty made taken the same for the purpose of computing capital gain. In our opinion, this exercise is to be made by the AO Stamp Duty Authorities and not by the AO. AO therefore, not justified to adopt the value other than as adopted by the Stamp Duty Authorities As per the provision of section 50C only assessed value by the Stamp Duty Authorities is to be considered for the purpose of sale consideration of property if the consideration shown in agreement to sale In doing so, less than the Stamp Duty Authorities valuation. In view of these facts and circumstances, and respectfully following the decision of Co-ordinate Bench [2011 (4) TMI 643 - ITAT, AHMEDABAD] we do not find any fault or infirmity in the order of Id. CIT (A), fair same is upheld. Consequently, appeal of the revenue is dismissed.
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