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2017 (3) TMI 882 - AT - Income TaxAddition to the capital gains adopting the guideline value of Stamp Valuation Authority u/s.50C - Held that:- The value adopted for the purposes of Wealth Tax and the guideline value reported in the website is estimated value of the locality but not the assessed value of the specific property. In case of actual transaction, the Stamp Valuation Authorities make the assessment with reference to specific property considering the locational advantages and the previous Registrations of the same locality. Therefore, we do not find any infirmity in the orders of lower authorities and hold that for the purpose of computation of capital gains u/s.50C guideline value fixed by the Stamp Valuation Authorities has to be adopted. The grounds raised by the assessee on this issue are dismissed. Whether to compute the capital gains adopting the deemed consideration per Sec.50C of the Act or the sale consideration disclosed as per sale deed, when the assessee has invested the whole of a sum in capital gains exemption bond u/s.54EC - Held that:- The assessee’s A.R raised this issue in his arguments but not raised any specific ground on this issue in the appeal. It is seen that, before the Ld.CIT(A) also no such ground was raised by the assessee and the Lower authorities have not considered this issue. The eligible deduction u/s 54EC has to be allowed and the balance amount of capital gains has to be brought tax. Since the assessee has invested the entire sale consideration in 54EC Bonds, this issue needs to be addressed by the AO as per the language used in section 54EC. Therefore, we remit the matter back to the file of the assessing officer to decide this issue afresh on merits.
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