TMI Blog2017 (12) TMI 1167X X X X Extracts X X X X X X X X Extracts X X X X ..... ontrary to the provisions of section 50C of the Act, as the provisions of this section provides for taking the value equal to stamp valuation in the event to sale consideration being lower to the value as per the stamp valuation authority. This matter requires fresh application of mind at the level of AO. Accordingly we set aside the order of the FAA and restore this matter to the file of AO with a direction to consider all the evidences as may be filed by the assessee in the set aside proceedings and compute the capital gain after considering the cost of acquisition as per law in terms our discussion above and taking sale consideration equal to the value of stamp valuation authority for the purpose of capital gain. Accordingly, we rest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provision of section 50 C of the Income Tax Act, even though the Assessee has shown as Business Assets, and acquired the property in the court Settlements. 3. Whether on fact and circumstance of the case, The Ld CIT (Appeal) has erred without considering the information collected from the buyers and merely rely on the inspectors report under section 131 of the income tax act. 3. In addition to the original grounds of appeal, the assessee has also taken following additional grounds: 1. On the facts and in the circumstances of the case in law, the learned C.I.T.CA) erred in dismissing the appeal and that too in violation of rules of natural justice. 2. On the facts and in the circumstances of the case and in law, lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l gains income. 8. Without prejudice to grounds of appeal no.2 and 3, and on the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the action of the AO in granting benefit of indexation deduction only from the financial year 2003-04 for the purpose of computation of capital gains income 4. The ld. AR vehemently stated that the issue raised by the assessee by means of additional grounds are emanated from the order of ld.CIT(A) and record available with the assessee at the time of assessment filed and goes to the root of the matter. The ld. AR prayed before the Bench that these additional grounds should be admitted and be adjudicated. The ld AR relied on the decision of Hon ble Supreme C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h 50% share in a property in joint ownership with Ms Netra Sanjeeva Shetty sold such property for ₹ 50,00,000/- being Adil House, 497, Jagannath Shankerseth road, Chira Bazar, Mumbai to M/s Katuri Infrastructure Private Limited. However, as per the Stamp Duty Valuation authority market value was ₹ 1,64,00,000/-. The AO observed that the sale consideration of the property as per Stamp Valuation authority is more than the actual sale consideration shown by the assessee and hence section 50C is applicable to this case. The AO observed that the assessee did not show any capital gain received in the return of income. On query from the AO, the assessee vide letter dated 11.11.2011 submitted that recipients have received only ₹ 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of capital gain , the cost of acquisition has been taken only to the tune of payment made to the landlord under the Court direction thereby not considering the value of tenancy right of the assessee. The ld. AR prayed before the Bench that in order to determine the correct valuation of the property and resultant capital gains, the matter should be sent back to the file of the AO to consider it denovo as per law by considering the all the facts of the case. 8. The ld. DR objected to such plea of the assessee for restoring the matter back to the file of the AO and relied heavily on the order of CIT(A). 9. We have carefully considered the rival contentions and perused the material placed before us including the impugned orders of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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