TMI Blog2015 (7) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... ale consideration at ₹ 33,35,000/. If the learned CIT(A)’s observation is that if any variation in valuation came on account of final decision of Additional Collector (Stamp), can be rectified U/s 155(15) within four years from the end of the previous year, in which the order revising the value was passed in appeal or revision or reference. - Decided against Revenue. - ITA No.412/JP/2012 - - - Dated:- 16-1-2015 - R P Tolani, JM T R Meena, AM,JJ. For the Appellant : Shri Ajay Malik, (Addl. CIT) For the Respondent : Shri P C Parwal, (CA) ORDER Per: T R Meena: This is an appeal filed by the revenue against the order dated 24/02/2012 passed by the learned CIT(A)-I, Jaipur for A.Y. 2008-09. The sole ground of ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of RIICO plot was 1650/-. Whereas the Stamp Authority had taken DLC rate as on 01/5/2007 @ 2160 per sq.mtr. After considering the assessee s reply, the learned Assessing Officer as per Section 50C(1) of the Income Tax Act, 1961 (in short the Act) had assessed capital gain on the basis of value taken at ₹ 33,35,000/- by the Stamp Authority. Accordingly, short term capital gain was calculated at ₹ 27,41,010/-. 3. Being aggrieved by the order of the Assessing Officer, the assessee carried the matter before the learned CIT(A), who had allowed the appeal fully by observing as under:- I do not concur with the submission of the A.O. in his report because to begin with the appellant has not filed any additional evidence. Given th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned D.R. argued vehemently supported the order of the Assessing Officer. At the outset, the learned A.R. for the assessee relied upon the finding given by the learned CIT(A). 5. We have heard the rival contentions of both the parties and perused the material on record. The learned D.R. has not controverted the finding given by the learned CIT(A). She has given detailed findings on page No. 5 and 6 of her order and concluded that even subsequent second sale was taken by the Stamp Authority @ 1650 per sq.mtr. whereas DLC rate revalued by the Stamp Authority in assessee s case @ 2160 per sq.mtr., which has been challenged before the Additional Collector (Stamp), Jaipur and matter is pending before him. As per Section 50C(2), the DVO had est ..... X X X X Extracts X X X X X X X X Extracts X X X X
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