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THE PRINCIPAL COMMISSIONER OF INCOME TAX-2 Versus SHRI SHANUBHAI M. PATEL

2016 (4) TMI 480 - GUJARAT HIGH COURT

Addition on account of capital gain on the basis of valuation of asset by DVO - ITAT deleted the addition - Held that:- Section 50C of the Act is a special provision for full value of consideration in some cases.

What the section provides is that if any land or building or both are transferred at a value less than the value adopted or assessed or assessable by the stamp valuation authority, the value adopted or assessed or assessable by the stamp valuation authority shall be consider .....

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uation authority. The condition precedent for invoking sub-section (1) of section 50C of the Act is, therefore, clearly not satisfied. Consequently, there was no question of referring the valuation of the plots in question to the Valuation Officer. The impugned order passed by the Tribunal being in consonance with the provisions of sub-section (1) of section 50C of the Act, does not suffer from any legal infirmity so as to give rise to any question of law, much less, a substantial question of la .....

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No.2309/Ahd/2011 by proposing the following question, stated to be a substantial question of law :- Whether the Appellate Tribunal has substantially erred in deleting the addition of ₹ 2,44,83,495/- made on account of capital gain on the basis of valuation of asset by DVO ? 2. The assessment year is 2008-2009 and the corresponding accounting period is the previous year 2007- 2008. The assessee, who is assessed in the status of an individual, filed return of income on 31.7.2008 declaring t .....

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ell submitted a valuation report whereby it determined the fair market value of Plot No.14 at ₹ 10,49,04,000/- instead of ₹ 8,04,20,506/- as declared by the assessee. Insofar as valuation of the plot bearing survey No.15 is concerned, there was no change in the valuation. The Assessing Officer computed the total income of the assessee by considering the sale price of the plot bearing survey No.14 at ₹ 10,49,04,000/-. Being aggrieved, the assessee carried the matter in appeal be .....

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ch was higher than the stamp duty valuation, it was not necessary to refer the matter to the Departmental Valuation Officer. He, accordingly, set aside the addition made by the Assessing Officer. Revenue carried the matter in appeal before the Tribunal but did not succeed. 3. Mr. M. R. Bhatt, senior advocate, learned counsel for the appellant assailed the impugned order by reiterating the grounds stated by the Assessing Officer in the assessment order and submitted that the appeal requires consi .....

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