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TMI Blog2018 (4) TMI 792X X X X Extracts X X X X X X X X Extracts X X X X ..... and the legal position. 3. Because, the assessee has hold a very old property for Rs. 12 lac to the tenent who was living in this property more than fifty years. But the value of estimated 42,83,000/- by the registrar for the stamp purposes. The Assessing Officer has referred the case to the valuation officer but the valuation officer has not given the report. In absence of report of the Valuation Officer the value for the stamp purposes cannot be taken. 4. Because, other nuisence of Vrindaban were forcing the assessee to sale the property at very nominal price, the assessee has denied them and due to his denial they have kidnapped the assessee and make signed an agreement forcefully in their favour. After releasing him the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,720/-, which the assessee had declared in his return of income filed in response to the notice under section 148 of the Act. 5. The ld. CIT(A) confirmed the assessment order and dismissed the assessee's appeal, observing as follows: "5. I have considered the submissions of the ld. AR and also perused the assessment records. After perusal of the assessment records, I find that the AO has referred the valuation of the property to the departmental valuation officer under section 50C(2) of the Act for determining the Fair Market Value of the property in question. However the DVO vide letter dated 14.08.2012 has returned the matter back to the AO as the assessee could not submit the documents, details and information as required by the DVO f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 50C of the IT Act by the DVO. Attention has been drawn to the last Para at APB 4, wherein, the DVO has stated that the property would be inspected 'later on', which, as per the ld. Counsel, was never done. Then, the ld. Counsel has referred to APB 5-38, i.e., the assessee's reply to the DVO in response to the aforesaid notice under section 50C. It has been pointed out that as per the last para on PB-6, the assessee filed copies of municipal tax receipt (PB-7), sale deed (PB-8-37) and rent receipt (PB-38) in the reply. Further, attention has been invited to PB 106/1 to 106/2, written submissions dated 06.02.2012 filed before the AO, wherein, as per Para 9 (PB-106/2), a copy of sale deed has been enclosed in the written submissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 's family was living in property since long. Due to these peculiar circumstances, the assessee was bound to sell the property to the tenant. The assessee has sold it for Rs. 12 lac. 9. The assessee filed copies of municipal receipt, sale deed containing the Circle rate and accompanied site plan, rent receipts and the report of the registered valuer. The DVO returned the reference, as according to him, the assessee did not co-operate. This objection of the DVO is not borne out from the aforesaid undisputed replies by the assessee before the DVO. So far as regards the CIT(A)'s observation regarding the assessee not having filed any Court case concerning the property, that is not determinative of the matter. It remains undisputed that the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and, has not come about, as discussed and so, recourse to section 50C(1) of the Act is not as per law. 11. Accordingly, as also requested by the assessee, the matter is remitted to the file of the AO to be decided afresh in accordance with law, in view of the provisions of the complete section 50C. For this purpose, on reference being made to him by the AO, the DVO shall take into consideration, inter alia, 'Shri Prafulla Kumar Bhose vs. ITO', order (APB100/1-100/6) dated 18.11.2015, passed by the Kolkata Bench of the Tribunal, in ITA No.316/KOL/2015, for A.Y. 2007-08, cited by the assessee before me, apropos the application or otherwise of the rent capitalization method. Ordered accordingly. 12. In the result, the appeal is partly allowe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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