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2009 (9) TMI 59 - HC - Income TaxValuation – value of land determined for stamp duty purpose as the sale value u/s 50C - petitioner offered the capital gains for assessment based on the actual consideration received by her, namely Rs.99 Lakhs and paid capital gains tax. However, the Registering Authority adopted the guideline value of the property which comes to Rs.3,92,68,800/- and levied stamp duty and the Indian Oil Corporation which is the purchaser has also paid stamp duty on the said amount. – AO propose to assess the capital gains on such value assessed by the Registering Authority – held that - Assessing Authority himself has no right to have extension of the period of assessment, by virtue of the powers under Section 153(3)(ii) of the Act - Considering the facts that the petitioner is 96 years old and the matter has been referred by the respondent for valuation …… the petitioner must be given an opportunity to take advantage of the valuation report that may be filed by the statutory authority – assessment order set aside – matter remitted
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