TMI Blog2017 (9) TMI 587X X X X Extracts X X X X X X X X Extracts X X X X ..... akhat which was not registered and that therefore there was no occasion for the Stamp Valuation Authority to assess the value of the land for the purpose of payment of stamp duty upon its transfer. This contention however, ignores the plain language used in subsection (1) of section 50C which provides for the adoption of the valuation of the Stamp Valuation Authority for the purpose of payment of stamp duty not only when it is adopted or assessed but where it is assessable by such authority. The expressions 'adopted' or 'assessed' or 'assessable' would include even a case where the document evidencing transfer of the capital asset has not been presented for registration. The expression 'assessable' would permit the Revenue authorities t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eference to the Department Valuation Officer under section 55A of the Income Tax Act, 1961 ('the Act' for short) for the purpose of determining the fair market value as on the date of the transfer. The Assessing Officer computed the assessee's longterm capital gain by adopting the value of land assessed by the DVO in response to the reference and made an addition of ₹ 78.75 lakhs (rounded off) under the said head. The assessee carried the matter in appeal. The Commissioner (Appeals) deleted the additions, upon which, the department approached the Tribunal. Tribunal was of the view that for ascertaining full value of consideration of land under section 48 of the Act, reference to the DVO under section 55A of the Act would n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation Officer. Present is not a case of this nature, as is clear from the assessment order in which the Assessing Officer has referred the reference to DVO. Even otherwise, we are informed that in the present case, sale consideration reflected in the sale deeds was higher than the valuation adopted by the Stamp Valuation Authority. 4. Section 50C of the Act provides for special provision for full value of consideration in certain cases. Subsection (1) of section 50C provides for the adoption of the value taken by the Stamp Valuation Authority for the purpose of stamp duty as the full value of consideration of the transferred asset for the purpose of section 48 of the Act. Learned counsel for the Revenue however contended that in the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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