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S.D. Vimalchand Jain Versus Income-Tax Officer

2016 (5) TMI 90 - ITAT CHENNAI

Computing capital gain - Determination of value u/s 50C without referring the matter to the Departmental Valuation Officer (DVO) - Held that:- From the order of the learned Assessing Officer it is apparent that the AO has not referred the matter to the learned Departmental Valuation Officer for valuing the property as per section 50C(2) of the Act. The assessee had submitted before the learned Assessing Officer regarding the litigation involved in the title of the property which was not consider .....

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ssee has not requested the learned Assessing Officer to refer the matter to the learned Departmental Valuation Officer. Considering the facts and circumstances of the case, we are of the considered view that in the interest of justice the matter has to be referred back to the file of the learned Assessing Officer with a direction to refer the matter to the learned Departmental Valuation Officer and thereafter pass an appropriate order as per law and merit after affording sufficient opportunity t .....

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the Income-tax Act, 1961. 2. The assessee has raised the following grounds in his appeal. 1. The order of the learned Commissioner of Income-tax (Appeals)-V is wrong, illegal and opposed to facts of the case. 2. The learned Commissioner of Income-tax (Appeals) ought to have seen that the subject mentioned property on which section 50C was applied to ascertain the capital gains had inherent draw back which the Assessing Officer failed to appreciate despite specific pleas taken by the appellant ex .....

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the various factors that determined the market price of the property while arriving at the value of the property. The value arrived at by the Assessing Officer is erroneous and without proper reasoning. 5. The learned Commissioner of Income-tax (Appeals) ought to have seen that the Assessing Officer has not considered various factors while arriving at the fair market value of the property for the purpose of application of section 50C. The learned Commissioner of Income-tax (Appeals) ought to hav .....

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ring authority to the value of the property declared by the appellant, consequently the conditions stipulated in section 50C(2) of the Income-tax Act stands satisfied and the Assessing Officer ought to have referred the matter of valuation of the property to the Valuation Officer as defined in the statute. 7. The learned Commissioner of Income-tax (Appeals) ought to have seen that the stamp duty was payable by the purchaser and it was for the purchaser to either accept it or dispute it. The appe .....

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ection 50C. 8. The learned Commissioner of Income-tax (Appeals) ought to have seen that when there is variance in determination of the value of the property by the Assessing Officer to the value of the property declared by the appellant than the Assessing Officer ought to have referred the property to the Valuation Officer for determining the value of the property before invoking section 50C of the Income-tax Act. For these and other ground that may be raised at the time of hearing it is most hu .....

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ein the learned Assessing Officer adopted the guideline value of the property sold as on the date of execution of sale deed by invoking the provisions of the section 50C of the Act. 4. During the course of assessment proceedings, the learned Assessing Officer found that the assessee sold an immovable property for ₹ 85 lakhs on June 2, 2008. From the AIR information, it was revealed that the sale had been registered in the records of the Sub-Registrar, Triplicane. When this fact was informe .....

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(Appeals) confirmed the order of the learned Assessing Officer by holding as under : "4. The only issue involved in this appeal is adoption of guideline value of the property sold for computing capital gain by invoking section 50C of the Act against the actual sale value of ₹ 85 lakhs admitted by the assessee. Where the assessee questioned adoption of stamp value as against the apparent consideration disclosed by him and had questioned such adoption during the course of assessment in .....

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of the Act. The Assessing Officer did it accordingly. Hence, there is no infirmity in the action of the Assessing Officer to adopt the guideline value of ₹ 1,28,78,625 for computing long-term capital gains. Therefore I decline to interfere in the order of the Assessing Officer. The method adopted by the Assessing Officer for computing long-term capital gains is correct, valid and as per the provisions of the Act. The order of the Assessing Officer is confirmed fully." 6. At the outse .....

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e learned Assessing Officer while arriving at the indexed cost of acquisition for the purpose of computing capital gains. With the above submission, he pleaded that the matter may be remitted to the file of the learned Assessing Officer for de novo consideration. The learned Departmental representative on the other hand relied upon the orders of the Revenue authorities and pleaded that the same may be confirmed. 7. We have heard both parties and carefully perused the materials available on recor .....

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