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2016 (7) TMI 835 - AT - Income TaxShort term capital gains u/s 50 - stamp duty valuation - refer the matter to the DVO - assessee is a mutual association registered u/s 25 of the Companies Act, 1956 engaged in strengthen the cooperative spinning sector and seeking redressal of its various problems - Held that:- A.O. has rightly invoked and applied the deeming provisions of section 50C of the Act whereby the value adopted by the stamp duty authorities of ₹ 1,71,75,000/- was adopted by the AO as full value of consideration for the purposes of Section 48 of the Act in which we donot find any infirmity in law and on facts , keeping in view the fact that the DVO report received subsequent to the assessment order has valued the said property at higher than the value adopted by stamp duty valuation authorities , thus keeping in view provisions of Section 50C(3) of the Act the value adopted by the AO of ₹ 1,71,75,000/- as full value of consideration for the purposes of Section 48 of the Act stands confirmed by us. Hence, we set aside the order of the ld. CIT(A) and confirm the orders of the A.O. adopting ₹ 1,71,75,000/- as full value of consideration under deeming provisions of Section 50C of the Act for the purposes of Section 48 of the Act Non-granting of credit for tax deducted at source and non-granting of credit for self assessment tax paid - CIT(A) has dismissed these grounds observing that the alternative remedies for the grievances of the assessee are available with the assessee which could be availed - Held that:- his aspect of non grant of prepaid taxes as claimed by the assessee needs verification by the authorities below and we are inclined to set aside and restore these issues of non-credit of pre-paid taxes by the AO as set-out above back to the file of the A.O. and the A.O. shall examine and verify the claim of the assessee on merits and proper tax credit should be granted to the assessee on merits after due verification by the AO. Thus, we set aside the orders of the learned CIT(A) on both these issues and restore these issues to the file of AO for de-novo determination on merits after examination and verification of the claim of the assessee as indicated above.
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