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2018 (7) TMI 581 - ITAT JAIPURCapital gain computation - section 50C applicability - valuation adopted by the stamp duty authority - Challenge valuation before the Tax Board - Held that:- Assessee has objected to the valuation adopted by the stamp duty authority before the Assessing officer during the course of assessment proceedings and the same is not in dispute and even, the ld CIT(A) has returned a similar finding. Therefore, the first condition as envisaged under section 50C(2) is satisfied in the instant case. The assessee having objected to the valuation so adopted before the Assessing officer and no information available regarding any challenge of such valuation before the Tax Board, the AO should have ordinarily referred the matter to the valuation officer. As during the appellate proceedings, the ld CIT(A) is ceased of this development that the assessee has moved a revision petition challenging the valuation by the Collector (stamps) before the Tax Board, Ajmer, the second condition as envisaged under section 50C(2) is not satisfied in the instant case. There is no way, she would have ignored such a revision petition as brought to her knowledge by the assessee himself and referred the matter to the valuation officer u/s 50C(2) of the Act exercising her coterminus powers as that of the Assessing officer. Given that the value so adopted by the Collector (stamps) is subject to outcome of the revision petition filed before the Tax Board, Ajmer, the value finally assessed as so envisaged under section 50C shall therefore be subject to the outcome of the revision petition - remand the matter back to the file of the Assessing officer to take into consideration the decision of the Tax Board, Ajmer in respect of revision petition filed by the assessee and determine the valuation of the property for the purposes of calculating the capital gains, after providing reasonable opportunity to the assessee. - Decided in favour of assessee for statistical purposes.
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