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2021 (11) TMI 95 - AT - Income TaxAddition on account of mismatch between the TDS and income shown in as much as it is duly reconciled - HELD THAT:- Admittedly, there was the difference between the income shown from 26AS viz a viz income shown in the books of accounts. However, such difference were duly explain by the assessee in the reconciliation statement available on record. But on perusal of the order of the authorities below, we note that such reconciliation statement was not considered by them. To our mind, the consideration of the impugned reconciliation statement is necessary to put an end on the ongoing dispute. Accordingly, we are inclined to restore the issue to the file of the AO for fresh adjudication as per the provisions of law and after considering the reconciliation statement filed by the assessee. Hence the ground of appeal of the assessee is allowed for the statistical purposes. Capital gain computation - Addition under the provisions of section 50C - contention of the assessee by observing that the stamp value as determined for the purpose of stamp duty shall be taken as the sale consideration in pursuance to the provisions of section 50C - HELD THAT:- Admittedly, the capital asset was transferred by the assessee in the year under consideration through the agreement to sale with possession. All the conditions of section 53A of the Act have been duly satisfied. Therefore, in our considered view the provisions of section 50C of the Act shall be applicable for computing the capital gain. In the present case the property has been transferred by way of an agreement as discussed above. Accordingly, the AO has taken the stamp value for the purpose of computing the capital gain under the provisions of section 50C of the Act which was worked out at ₹ 41,74,217/- only. In view of the above, we hold that the provisions of section 50C of the Act are applicable in the present case for computing the capital gain. Rejection valuation report filed by the assessee - AO cannot reject the valuation report filed by the assessee without referring the same to the DVO under the provisions of sub section (2) of section 50C.AO has not referred the matter to the DVO for determining the fair value of the property as contemplated above - we are inclined to restore this issue to the file of the AO with the direction to refer the same to the DVO for the purpose of valuation and decide the issue a fresh as per the provisions of law. Hence the ground of appeal of the assessee is allowed for statistical purposes.
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