Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (6) TMI 648 - AT - Income TaxCapital gain - applicability of provision u/s 50C - AO proceeded by adopting the stamp duty value rate as full value of consideration in light of provisions of section 50C - HELD THAT:- A perusal of the order of the ld. CIT(A) shows that the assessee raised objections before the ld. CIT(A) claiming that the Assessing Officer ought to have referred the matter to the Departmental Valuation Officer. We find that the ld. CIT(A) did ask the AO to get the valuation report from the DVO, which the Assessing Officer called from the DVO and the DVO determined the market value of the impugned property. Assessee submitted valuation report of some valuer, valuing the market value of the property at Rs. 5.50 crores. This valuation report was dismissed by the CIT(A) holding that when the same was available at the time of assessment proceedings and even at the time of filing the appeal, it was never submitted and only after receiving the valuation report from the DVO, the assessee has submitted this valuation report. Assessee did not point out any defect or error or infirmity in the determination of market value by the DVO. Though the stamp duty value is at Rs. 8,85,68,900/-, the same has been valued by the DVO at Rs. 12,86,55,700/-, which means that the DVO has put the value on a higher side than the circle rate - Appeal of assessee dismissed.
|