TMI Blog2017 (3) TMI 882X X X X Extracts X X X X X X X X Extracts X X X X ..... of computation of capital gains u/s.50C guideline value fixed by the Stamp Valuation Authorities has to be adopted. The grounds raised by the assessee on this issue are dismissed. Whether to compute the capital gains adopting the deemed consideration per Sec.50C of the Act or the sale consideration disclosed as per sale deed, when the assessee has invested the whole of a sum in capital gains exemption bond u/s.54EC - Held that:- The assessee’s A.R raised this issue in his arguments but not raised any specific ground on this issue in the appeal. It is seen that, before the Ld.CIT(A) also no such ground was raised by the assessee and the Lower authorities have not considered this issue. The eligible deduction u/s 54EC has to be allowed an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en compared to the actual market rate prevailing at the relevant point of time. 4) The learned Commissioner of Income-Tax (Appeals) failed to note that in the appellant s own case while completing the wealth-tax assessment for the very same assessment year, the Assessing Officer had adopted the market value of the asset in question at ₹ 50 per sq.ft. which was the guideline value as on 31-3-2008 confirmed and communicated by the Sub-registrar, Thiruvottiyur, within whose jurisdiction the land in question situated. 5) For these and the other grounds which the appellant may be permitted submit at the time of hearing of the appeal, it is prayed, the addition made in the impugned assessment towards long-term capital gains may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and while completing the Wealth Tax assessment, AO adopted the market value of the asset at ₹ 50/- per sq.ft. which was the guideline value as on 31.03.2008 as per the SRO Office, whereas the AO has adopted the rates ₹ 250/- per sq.ft. for computing the capital gains of the very same asset which is disproportionately high and unjustified. Further, the Ld.AR filed a copy downloaded from the website of Registration Department wherein the guideline value was reported ₹ 50/- per sq.ft. in KGL Nagar. The Ld.AR argued that the assessment of market value @ ₹ 30,19,500/- was unreasonable and unjustified by the Registration Office as well as the Income Tax Department. Consequently, the Ld.AR also submitted that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed 92 [or assessable] shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer. (2) Without prejudice to the provisions of sub-section (1), where- ( a ) the assessee claims before any Assessing Officer that the value adopted or assessed 92a [or assessable] by the stamp valuation authority under sub-section (1) exceeds the fair market value of the property as on the date of transfer; ( b ) the value so adopted or assessed 92a [or assessable] by the stamp valuation authority under sub-section (1) has not been disputed in any appeal or revision or no reference ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty shall be taken as the full value of the consideration received or accruing as a result of the transfer.] 5.0 The words used in the act are the value adopted or assessed or assessable by the stamp valuation authority but not any other value. The act is very clear in respect of computation of capital gains, that the value adopted by the stamp valuation authority for the purpose of payment of stamp duty required to be considered as full value of consideration for the purpose of capital gains and there is no ambiguity. When the act is very clear, it is not necessary to import the meaning from any other source. The market value adopted for Wealth Tax assessment has no bearing on Income Tax assessment for computing the capital gains. 6.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C of the Act or the sale consideration disclosed as per sale deed, when the assessee has invested the whole of a sum in capital gains exemption bond u/s.54EC of IT Act. The assessee relied on this Tribunal decision in case of Shri Shivkumar Lakshman (cited supra)decided in connection with deduction u/s.54F of income tax act. The assessee s A.R raised this issue in his arguments but not raised any specific ground on this issue in the appeal. It is seen that, before the Ld.CIT(A) also no such ground was raised by the assessee and the Lower authorities have not considered this issue. The eligible deduction u/s 54EC has to be allowed and the balance amount of capital gains has to be brought tax. Since the assessee has invested the entire sale c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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