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2015 (4) TMI 475 - ITAT AHMEDABAD

2015 (4) TMI 475 - ITAT AHMEDABAD - TMI - Stamp duty valuation u/s.50C - difference in the value of the property declared by the assessee as sale consideration and adopted by the stamp valuation authority - Held that:- AO has made addition on the basis of the difference in the value of the property declared by the assessee as sale consideration and adopted by the stamp valuation authority - in view of the provisions of section 50C(2) of the Act, we are of the considered view that the AO was not .....

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. Agarwal And Shri Kul Bharat JJ For the Appellant : Shri Divyakant Parikh, AR For the Respondent : Shri M.K. Singh, Sr.DR ORDER Per Shri Kul Bharat, Judicial Member : This appeal by the Assessee is directed against the order of the Ld.Commissioner of Income Tax(Appeals)-I, Surat ( CIT(A) in short) dated 28/06/2011 pertaining to Assessment Year (AY) 2008-09. 2. At the outset, during the course of hearing, the assessee has restricted the arguments only on the additional ground. Additional ground .....

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amely Shri Nileshkumar H.Jariwala, the valuation is referred to the DVO and the DVO has arrived at fair market value as per copy attached. The ground has remained to be taken in the Memo of appeal inadvertently but is a legally allowable claim and is raised as such being mandatory in law once the objection taken in terms of sec.50C(2) and in the best interest of justice. The Honble ITAT be pleased to admit the same since as per the judgement of Rajasthan High Court in the case of Shilpa Associat .....

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, the assessee filed an appeal before the ld.CIT(A), who after considering the submissions, dismissed the appeal. Aggrieved by the order of the ld.CIT(A), the assessee is in appeal before us. 4. The ld.counsel for the assessee pointed out that in view of the provisions of section 50C(2) of the Act, the AO should have referred to the DVO for arriving at a fair market value of the property. He submitted that in the case of another joint-holder of the property; namely, Shri Nileshkumar H.Jariwala, .....

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n on the basis of the difference in the value of the property declared by the assessee as sale consideration and adopted by the stamp valuation authority. The contention of the ld.counsel for the assessee is that in terms of the provisions of section 50C(1) of the Act, where the AO finds that the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed (or assessable) by any author .....

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of Section 50C of the Act. At this juncture, it would be appropriate to reproduce hereunder the section 50C(2) of the Act for the better appreciation of the submission of ld.counsel for the assessee. Section 50C(2):- Without prejudice to the provisions of sub-section (1), where- (a) the assessee claims before any Assessing Officer that the value adopted [or assessed or assessable] by the stamp valuation authority under sub-section (1) exceeds the fair market value of the property as on the date .....

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(6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. Explanation. : [1] For the purposes of this section, "Valuation Officer" shall have the same meaning as in clause (r) of section 2 of the Wealth-tax Act, .....

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