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Asstt. Commissioner of Income Tax, Circle-46 (1) , New Delhi. Versus Shri Ramesh Kakkar,

2009 (9) TMI 1006 - ITAT DELHI

ITA No.1178/Del/2009 - Dated:- 8-9-2009 - SHRI D.R.SINGH, JM AND SHRI R.C.SHARMA, AM Appellant by : Shri H.K.Lal, DR. Respondent by : Shri Rajiv Jain, CA. ORDER PER R.C.SHARMA, AM : This is an appeal filed by the Revenue against the order of CIT(A) d .....

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made by the AO on account of difference in fair market value as valued by the valuer by the Asstt.Valuation Officer and sale consideration shown by the assessee." 2. Rival contentions have been heard and record perused. Facts in brief are that d .....

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t for ₹ 9,00,000/- only. The matter was referred to the DVO u/s 55A of the Income-tax Act and the DVO estimated the fair market value of the flat at the time of sale at ₹ 36,77,000/-. When the assessee was not able to explain the differen .....

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ITAT Delhi Bench in the case of Tej Pratap Singh - 22 SOT 156 and the decision of Hon'ble Jurisdictional High Court in the case of Smt.Nilofer I.Singh - 176 Taxman 252. 4. We have considered the rival contentions and gone through and the orders o .....

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e learned counsel for the appellant based on the provision of s. 55A of the said Act, it is immediately to be noticed that the said provision begins with the expression "with a view to ascertaining the fair market value of a capital asset". .....

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s of s. 55A can be invoked. There may be certain situations where the AO is required to determine the fair market value. One of the situations is indicated in s. 45(4) of the said Act where the profits or gains arising from the transfer of a capital .....

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sset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer. In a situation, as one obtaining under s. 45(4) of the Act, since there is no apparent consideration for the .....

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is to be determined, it is obvious that s. 55A of the Act would get triggered and a reference to the Valuation Officer would be necessary." 5. ITAT Delhi Bench in the case of Tej Pratap Singh (supra) also observed that under provisions of Sectio .....

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