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2020 (4) TMI 577 - AT - Income TaxCapital gain computation - determination of the full value of consideration in terms of section 50C - DVO valued the property as on the date of sale at ₹ 850/- per sq. meter. - HELD THAT:- Vide order dated 06- 02-2020, the Tribunal has directed to adopt ₹ 1,032/- as per sq. mtr as fair market value on the date of sale in that case, namely, 08-01-2004 against survey number 187. It, therefore, emerges that the stamp value of ₹ 955/- in this case is still less than the fair market value determined by the Tribunal for similar property in the case of Shri Nitin N. Shewale - agree with the view taken by the ld. CIT(A) in restricting the addition by adopting fair market value as on the date of transfer of land at ₹ 955/- p.s.m., being the stamp value. There is no scope for further reduction in such value as urged on behalf of the assessee. This ground is dismissed. Valuation as on 01-04-1981 - assessee adopted the unindexed rate of ₹ 163.50/- p.s.m. as on 01-04-1981 - on the basis of the DVO’s report that the ld. CIT(A) adopted the rate of ₹ 50/- per sq.mtr as the F.M.V as on 1.4.1981 - HELD THAT:- Going by the interpretation of the pre-amended provision by the Hon’ble jurisdictional High Court in the case of Puja Prints [2014 (1) TMI 764 - BOMBAY HIGH COURT] as applicable to the facts of the instant case, it is vivid that no reference could have been made to the DVO when the value adopted by the assessee was more than the fair market value of the land in the opinion of the AO. Since valid reference could not have been made, the value so determined by the DVO as on 01-04-1981, ergo, becomes meaningless for the instant exercise. Going by the provision as applicable to the instant case, it is held that the value of the land as declared by the assessee on 01-04-1981, which is patently more than the value so determined by the DVO/AO, cannot be interfered with. Set-aside the impugned order and remit the matter to the file of the AO for determining the amount of capital gain afresh in accordance with the discussion made supra. Appeals allowed for statistical purposes.
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