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2015 (6) TMI 1018 - ITAT AHMEDABAD

2015 (6) TMI 1018 - ITAT AHMEDABAD - TMI - Computation of capital gain in respect of sale of plot of land - reference under section 55A to the DVO - Held that:- It is not in dispute that the said plot of land was sold by the assessee by a registered deed at actual sale consideration of ₹ 8,04,20,506/-. Further, it is also not in dispute that the jantri value of the same for the purpose of stamp duty was determined by the competent authority at ₹ 5,07,60,000/-. Thus, the actual sale v .....

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of stamp duty value as consideration for computation of capital gain. The above situation is not present in the instant case. Further, a reference under section 55A to the DVO can be made when it is necessary to determine the fair market value of an asset. In the instant case, as the actual sale consideration was determined, and the same being more than the stamp duty value, question of determining of fair market value does not arise. - Decided against revenue. - ITA No. 2309/Ahd/2011 - Dated:- .....

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aluation of asset by DVO. 3. Brief facts of the case are that the assessee sold two plots of land bearing survey no.14 and 15 for ₹ 8,04,20,506/-. The AO referred the matter to the DVO on 31.3.2008 for determining the fair market value of the land. The DVO submitted the valuation report on 24.12.2010, from which it was observed that there was no change in the valuation of plot bearing survey no.15, but for plot bearing survey no.14, the valuation cell has determined its fair market value a .....

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. The assessee carried the matter before the CIT(A). 6. The CIT(A) observed that it is an admitted fact that the sale consideration offered by the assessee was higher than the value prescribed in jantri for stamp duty valuation. Under the circumstances, section 50C was not applicable to the assessee. He relied on the decision of Hon ble Madras High Court in the case of K.R. Palani Swamy Vs. Union of India, 306 ITR 61, Punjab Poly Jute Corp. Vs. ACIT, 120 TTJ 1113 and the decision of the Delhi Be .....

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