TMI Blog2010 (5) TMI 711X X X X Extracts X X X X X X X X Extracts X X X X ..... has erred in confirming the order of the Assessing Officer assessing the longterm capital gain at Rs. 27,69,840 as per the provision of section 50C. 2. The learned Commissioner of Income-tax (Appeals) has erred in not considering the fact that stamp valuation adopted is for the circle rate of Chakrata, Dehradun whereas the property in question is situated at Tilak Road, Dehradun, which is a different area and is having lesser stamp valuation. 3. The learned Commissioner of Income-tax (Appeals) has not considered the fact that most of the properties under consideration are old tenanted properties on which the rent was very less and are sold to the tenants only. 4. The learned Commissioner of Income-tax (Appeals) has not considered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar cut finding that for the purpose of arriving at the sale consideration, the provisions of sub-section (1) of section 50C are to be adopted, and since there was no reason to exercise discretionary power under section 50C(2) of the Act to make reference of the valuation of the capital asset to the Valuation Officer because the assessee never contested such valuation made by the stamp valuation authority. The Commissioner of Income-tax (Appeals), therefore, held that the Assessing Officer was very much justified in invoking the provisions of section 50C(1) of the Act in determining the long-term capital gain only. Still aggrieved, the assessee is in appeal before us. We have heard both parties and have carefully gone through the orders ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of the Wealth-tax Act shall, with necessary modifications, will apply. In the present case, it is not in dispute that the assessee has made a claim before the Assessing Officer that the value adopted or assessed by the stamp valuation authority was higher than the fair market value. It is also not the case whether the value adopted by the stamp valuation authority has ever been disputed by the assessee in any appeal or revision or otherwise as referred to in section 50C(2) of the Act. In these circumstances, it was thus incumbent upon the Assessing Officer to refer the matter for valuation to a Valuation Officer as provided in section 50C(2) of the Act. In this respect, the view taken by the Assessing Officer as well as by the C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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