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TMI Blog2015 (12) TMI 980X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) for valuation as the assessee had already challenged the Juntry Value assessable by the Stamp Valuation authority, before the Nayab Collector and in that case, further reference to valuation is prohibited as per the Act and value determined by Nayab Collector has to be adopted as full value of consideration ?" 2. The issue pertains to valuation of immovable property sold by the assessee during the previous year, relevant assessment year 2007-2008, for sale consideration of Rs. 47 lakhs. Sub-Registrar of Stamp Duty, however, valued the asset in question at Rs. 3.4 crore (rounded off). Assessee carried this valuation in appeal before the Deputy Collector, Stamp Duties. Deputy Collector valued the property at Rs. 1.33 crore (rounded o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "10. We find that section 50C(2) provides that where the assessee claimed before the AO that the value adopted or assessed by the stamp valuation authority under sub-section (1) exceeds the fair market value of the property, on the date of transfer, the AO may refer the valuation of the capital asset to the valuation officer, in such a situation, the lower of value determined by the departmental valuation officer and stamp duty valuation officer shall be considered as consideration accruing to the assessee. Since it has not been disputed by the DR that the value of the property determined by the DVO was lower than the value determined by the stamp duty valuation officer, therefore, we find that there is no infirmity in the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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 the capital asset to a Valuation Officer and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clause (i) of sub-section (1) and subsections (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. (3) Subject to the provision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aken as the full value of the consideration for the purpose of computing capital gain. In other words, the valuation of the property adopted by the Stamp Duty authority of the State would be deemed to be the full value of the consideration for the purpose of computing capital gain. However, in case the assessee challenges such valuation before the Assessing Officer and the Assessing Officer calls for the valuation report from the Valuation Officer and the valuation adopted by the Valuation Officer exceeds the value adopted by the State Stamp Duty Authority, it would be the valuation of such stamp duty authority which would prevail for the purpose of computing capital gain. The Revenue intends to contend to the contrary which is simply not b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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