TMI Blog2015 (6) TMI 1018X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act empowers the AO to substitute the actual sale consideration by estimating fair market value determined by the DVO. As per section 50C a reference to DVO can be made by the AO when the stamp duty value is more than the actual sale consideration, and the assessee objects for adoption 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed value of ₹ 10,49,04,000/- and determined income at ₹ 9,72,08,700/- 5. 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 Bench of the Tribunal in the case of Jitendra Mohan Saxena Vs. ITO, 117 TTJ 974, and deleted the addition. 7. DR supported the order of the AO, whereas, the AR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tamp 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. Therefore, we do not find any error in the orders of the CIT(A), which is confirmed, and the ground of the appeal of the Revenue is dismissed. 9. In the result, the appeal of the Revenue is dismissed. Order pronounced in the Court on Friday the 12th day of June, 2015 at Ahmedabad. - - TaxTMI - TMITax - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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