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ITO, Ward-3 (2) Surat Versus Shri Bhartbhai Kalyanbhai Malvia

2015 (4) TMI 1045 - ITAT AHMEDABAD

Addition being the 1/3rd share of the appellant in the long term capital gain on sale of ancestral agricultural land - adoption of the value of the land as determined by the Valuation Officer under section 50C(2) or accepting the jantri rate prescribed for the area specially in view of the urbanization of the said area undertaken by the State Authorities - Held that:- We find that section 50C(2) provides that where the assessee claimed before the AO that the value adopted or assessed by the stam .....

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ermined by the stamp duty valuation officer, therefore, we find that there is no infirmity in the order of the CIT(A) in directing the AO to adopt the value determined by the departmental valuation officer, as sale consideration of the property for computing the capital gains in the hands of the assessee. - Decided against revenue. - ITA No. 2227/Ahd/2011 - Dated:- 10-4-2015 - SHRI N.S. SAINI, ACCOUNTANT MEMBER AND SHRI KUL BHARAT, JUDICIAL MEMBER For the Appellant : Shri M.K. Singh, SR.DR O R D .....

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ermined by the Valuation Officer under section 50C(2) of the I.T.Act instead of accepting the jantri rate prescribed for the area specially in view of the urbanization of the said area undertaken by the State Authorities. 3. Brief facts of the case are that the AO observed that the assessee has sold land measuring 7386 sq.meters for ₹ 45 lakhs on 27.8.2007. The sale deed was registered with sub-Registrar, Surat 4, who valued the property at ₹ 2,32,65,900/- and the assessee paid stamp .....

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t cost of the land worked out the capital gain at ₹ 65,98,214/- and added to the income of the assessee. 4. On appeal, the CIT(A) observed that since the reference under section 50C(2) of the Act was made to the valuation officer at the instance of the assessee, the fair market value of the above property determined by the valuation officer becomes full value of the sale consideration for the purposes of computation of capital gain under section 48 of the Act. Accordingly, directed the AO .....

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the AO. 7. The AR of the assessee has filed adjournment petition stating therein that Shri Dennis Choksi, who is authorized representative in the present appeal is extensively busy in attending the time barred income tax matters to be completed before 31/3/2015, and hence appeal should be adjourned to a later date after 7/4/2015. As the Bench found the reason for adjournment of hearing not being plausible one, adjournment petition was rejected, and appeal of the assessee was heard ex parte qua t .....

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