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TMI Blog2014 (1) TMI 1309X X X X Extracts X X X X X X X X Extracts X X X X ..... aking the deemed value of sale consideration of the capital asset transferred by the assessee, for the purpose of calculating the capital gain, instead of actual sale consideration received by the assessee. 3. The ld. counsel for the assessee at the very outset submitted that assessee was Co-owner and in possession of a property bearing no. 1/89 Gyan Khand, Indirapuram, in equal shares with Shri Anil Kumar Jain, who is brother of her husband. While passing the assessment order in the case of Shri Anil Kumar Jain, AO has replaced the sale consideration with deemed value of the land computed as per circle rate u/s 50C of the Act. The assessee, Shri Anil Kumar has challenged this action of the AO and contended that the value adopted by the st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uty, value of the property has been taken at Rs.78,10,000/-, therefore, he confronted the assessee as to why the sale consideration should not be deemed at Rs.78,10,000/- as per section 50C of the Act. According to the assessee she has contended that sale proceeds shown by her, are the actual sale proceeds, the property does not command fair market value at Rs.78,10,000/-. The AO adopted the sale value at Rs.39,05,000/- being 50% of 78,10,000/- as sale consideration in the hands of the assessee. He observed that assessee failed to give any evidence that the market value of the property is not equivalent to the one notified in the circle rate by stamp duty valuation authorities. He determined the capital gain accordingly. 6. Appeal to the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken at Rs.39,05,000 as per value adopted by stamp valuation authority while registering the sale deed. 8. From this finding recorded by the Assessing Officer, it is clear that the assessee made a claim before the Assessing Officer that the circle rate was much higher than actual market value of the property. In this situation, section 50C(2) provides that without prejudice to the provision of sub-section (1) where the assessee claims before any Assessing Officer or authority that the value adopted or assessed by the stamp valuation authority exceeds the fair market value of the property as on the date of transfer and the value so adopted and assessed by the stamp valuation authority has not been disputed in any appeal or revision or any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le opportunity of being heard to the assessee and then decide the issue accordingly. We also make it clear that the matter with regard to the determination of sale consideration and capital gain shall remain open before the Assessing Officer and both the parties shall be at liberty to raise any other contention submitted by any other document or evidence as they may think fit and proper under the law. The Assessing Officer will consider all the contentions and evidence placed before him and decide the issue de novo by passing a speaking and well-reasoned order." 8. Respectfully following the order of the Coordinate Bench passed in the case of co-owner, we allow the appeal of the assessee and set aside this issue to the AO for re-adjudicati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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