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Shri Ajay Hasmukhlal Jariwala and Shri Dhanesh K. Jariwala HUF Versus ITO, Ward-2 (3) , Surat

Addition made by following the valuation method u/s.50C - Assessing Officer applying Section 50C adopted the full value of consideration of assessee’s 1/18thshare as ₹ 24,91,704/- and worked out the long term capital gain at ₹ 9,89,396/- as against loss of ₹ 1,83,713/- worked out by assesse - Held that:- In view of the provisions of section 50C(2) of the Act, we are of the considered view that the AO was not justified in adopting the value of the property as adopted by the "sta .....

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INI, JJ. For the Appellant : Shri D. K. Parikh, A.R. For the Respondent : Shri Dinesh Singh, Sr. D.R. ORDER PER SHAILENDRA KUMAR YADAV, J.M: Both appeals filed by two assesses on similar issue are arising out form the order of CIT(A)-II, Surat, dated 14.11.2011 for the assessment year 2008-09. So, they are being disposed of by way of this common order for the sake of convenience. 2. In ITA No. 179/Ahd/2012, assessee has filed the appeal on the following grounds: 1. The CIT(A) erred in not consid .....

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turn. 5. That the orders of authorities below viz. CIT(A) & A.O. may kindly be set aside & the matter may kindly be restored back to the file of A.O. with necessary directions to recomputed the Long Term Capital Gain working as per revised return filed. 6. The CIT(A) erred in not giving deduction of Section 50EC for ₹ 1,00,000 invested. ITA No. 179/Ahd/2012 for A.Y. 2008-09 in case of Shri Ajay Hasmukhlal Jariwala. 3. Assessee owned 14 properties with 17 other co-owners and his sha .....

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valuation was ₹ 4,48,50,675/-. As per Section 50C, value adopted for stamp duty purpose was to be deemed as full value of consideration received or accruing as a result of transfer. The share of assesse as per provisions of Section 50C worked out to ₹ 24,91,704/- and long term capital gain accruing to assesse worked out to ₹ 9,89,396/-. Assessing Officer issued show cause to assesse asking him to explain why long term capital gain income not be taken as ₹ 9,89,396/-. In r .....

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r as submission that land had been sold at ₹ 5,000/- per sq.mt. one year ago was not supported by any evidence. As neither the seller i.e. assessee nor purchaser of property had made any representation or disputed the valuation adopted by the State Authority, the valuation was final and required to be adopted for Section 50C. In absence of any evidence that rates adopted were high, the request for reference to District Valuation Officer, was rejected. Assessing Officer applying Section 50C .....

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ave refer the matter to District Valuation Officer in view of objection taken by assessee and also fulfilling the condition of Section 50C. Learned Authorized Representative pointed out that ITAT C Bench on identical issue in case of one of the coowner Shri Nikunjkumar H. Jariwala vs. ITO in ITA No. 2404/Ahd/2011 has considered the facts and set aside the matter to Assessing Officer to make assessment in accordance with valuation as per District Valuation Officer by observing as under: 5. We hav .....

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d 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 authority of a State Government for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed (or assessable) shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer. The ld.counsel for the assessee .....

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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 of transfer; (b) the value so adopted [or assessed or assessable] by the stamp valuation authority under sub-section (1) has not been disputed in any appeal or revision or no reference has been made before any other authority, Court or the High Court, the Assessing Officer may refer the valuation of th .....

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(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, 1957 (27 of 1957). [Explanation 2 : For the purposes of this section, the expression "assessable" means the price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were ref .....

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at one open land in the same locality was sold at 5,000/- per sq.mt. Before one year ago, we are in the opinion that what we got amount @ 10,000/- per sq.mt. is true & fair market value. Secondly, we are of the opinion to refer the case to the D.V.O., Surat to justify the case. There are cases of judgement of: > New Kalindi Kamavati Co-Op. Housing Society Ltd. Vs. State of Gujarat & Ors. 2006(2) Guj.LR. Vol.XL VII(2). > Dineshkumar Mittal Vs. ITO 193 ITR 770 (All.) > Hindustan M .....

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