TaxTMI 
TaxTMI 
2017 (12) TMI 1043
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....Ajmer on 06/01/2010. The declared consideration was Rs. 8.00 lacs. The Sub-registrar-cum-Stamp Duty Authority adopted the value of land at Rs. 52,40,700/-. The DIG (Stamps) enhanced the value of land at Rs. 1,56,95,100/-. The notice U/s 148 of the Income Tax Act, 1961 (in short the Act) was issued on 25/02/2013 after recording the reasons. The assessee filed return of income on 30/3/2013 showing income from various heads including the income from capital gain on the sale of land admeasuring 13068 Sq.Ft. bearing Khasra No. 1834 at Ajmer. In the return of income, the assessee has adopted the value of transfer at Rs. 52,40,700/- and worked out the capital gain of Rs. 46,25,457/- after taking benefit of indexation and also for land improvement.....
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....ned assessment framed u/s 144/147 dated 02.02.2015 also kindly be quashed. (ii) Rs.16,00,000/-: The Id. CIT(A) erred in law as well as on the facts of the case in not considering the estimated market value of the subjected property at Rs.24,18,000/- or Rs.29,83,500/- estimated by the Registered Valuer Departmental Valuation Officer (DVO) respectively for the purpose of sec.45 r/w sec.50C so as to compute the legally correct amount of the sale consideration and consequently to compute the correct amount of the resultant capital gain there from. The decision of the Id. CIT(A) to consider the deemed sale consideration at Rs.52,42,700/- for the purpose of sec.45 r/w sec.50C and thereby consequently confirming the amount of capital gain highe....
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.... prays your honours indulgence to add, amend or alter all or any of the grounds of the appeal on or before the date of hearing." Grounds of revenue's appeal: In view of the facts and circumstances of the case the Ld. CIT(A), Ajmer has erred in: 1. Deleting the addition of Rs. 1,04,54,400/- made by the AO on account of long term capital gain, without appreciating the facts that the value adopted by the Collector (stamps) was rightly considered by the AO in view of deeming provisions of section 50C of the I.T. Act, 1961; 2. The appellant craves to add, amend, alter, delete or modify the above grounds." 4. Ground No.1 of the assessee's appeal was not pressed at the time of hearing, therefore, the same stands dismissed as not presse....
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.... 1,56,95,100/- and purchasing party paid the stamp duty. The assessee has claimed that the said property was sold for Rs. 8 lacs only as this was under unauthorized possession of Shri Rajkumar Kulshresth and various other constraints i.e. said property was on a hillock having no direct access from the main road, land use of the land in the master plan was for social cultural activities only and no residential or commercial activity was legally permissible on the above property. The approved valuer has valued this property at Rs. 24,18,000/- only while the Stamp Valuation Authorities has initially adopted the value at Rs. 52,40,700/- which was later on enhanced to Rs. 1,56,95,100/- holding the same as commercial property while it was sold....
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.... assessed by the stamp valuation authority referred to in sub-section (1), the value so adopted or assessed by such authority shall be taken as the full value of the consideration received or accruing as a result of the transfer. " As such, where the assessee disputes the value adopted by Stamp Valuation Authority and no appeal, revisions or reference has been filed by the assessee before any other authority, Court or High Court, the AO may refer the valuation of the capital asset to the Valuation Officer for determining fair market value and the provisions of Sec. 50C(2) & 50C(3) are applicable in the case of the appellant. In the present case, the Departmental Valuation Officer has determined the fair market value of the property at....
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....tion offered by the assessee should be accepted. Accordingly the sale consideration for the purpose of long term capital gains i.e. Rs. 52,42,700/- offered by the assessee is liable to be accepted. Accordingly the addition made by the AO is deleted. 9. We have heard both the sides on this issue, perused the material available on the record, also considered the various case laws relied upon by both sides and also considered the factual aspects of the issue. We find that the assessee himself adopted the value at Rs. 52,40,700/- and filed the return of income in response to notice U/s 148 of the Act. The Assessing Officer adopted the value at Rs. 1,56,95,100/- as adopted by the DIG (Stamps). The assessee has only challenged the valuation ado....