TMI Blog2015 (12) TMI 610X X X X Extracts X X X X X X X X Extracts X X X X ..... value has to be deemed at the value adopted by the stamp valuation authority. However, such a deeming provision will not apply, if the assessee claims 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. In case of such a claim, Assessing Officer has to refer the matter to the Valuation Cell and in such cases, the Assessing Officer is bound by such a valuation. Here in this case, since value adopted by the DVO is more than the stamp valuation, therefore, the Assessing Officer had rightly adopted the FMV as per the stamp valuation authority. To wriggle out from such a situation here in this case, the assessee should have rebutted the entire DVO’s rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er to the file of the Assessing Officer to refer the matter to the Departmental Valuation Officer (DVO) in terms of section 50C(2)(a) and compute the capital gains in accordance with the law. The relevant observation and the direction of the Tribunal reads as under:- 5. The assessee is in further appeal before the Tribunal. We have heard the rival contentions and also gone through the relevant statutory provisions. Under sub-section (1) of Section 50C, if the sale consideration for the property is less than the value adopted by the stamp duty authorities, the capital gains can be computed by the Assessing Officer by taking the value adopted by the stamp duty authorities as the full valuation of the consideration. However, under clause ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the view that the orders of the departmental authorities on this point have to be set aside. We do so and direct the Assessing Officer to process the assessee s claim made under section 50C(2)(a) and refer the matter to the departmental valuation officer as contemplated by the statutory provisions and compute the capital gains in accordance with law. Needless to add that the assessee should be given due opportunity. The appeal is accordingly allowed in the above terms, for statistical purposes . 4. In pursuance thereof, the matter was referred to the District Valuation Officer by the Assessing Officer in term of Section 50C(2), to value the property in question as on the date of sale i.e. 06.03.2004. In the reference, the Asst. Valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that Assessing Officer has bound to follow the direction of the Tribunal. 6. Before us the Ld. Counsel, strongly relying upon the decision of P H High Court in the case of CIT vs Chandni Bhuchar (supra), submitted that in absence of any positive evidence, stamp duty value cannot be adopted, if the assessee proves that sale consideration mentioned in the sale deed is actual. 7. On the other hand, Ld. DR strongly relied upon the order of the CTI(A). 8. We have considered the rival submissions and perused the relevant material on record. This is the second round of proceedings passed in pursuance of direction given by the Tribunal, wherein it was directed that the Assessing Officer will process the assessee s claim u/s 50C(2)(a) and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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