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2018 (4) TMI 792

o determine the true, correct and fair market value on which it may be purchased by a willing purchaser subject to and taking into consideration its situation, condition and other attributes such as its occupation by tenant. This was not done by the DVO. - For the determination of the value u/s 50C, it is incumbent on the AO to make reference for valuation to the DVO and the DVOís valuation is to be considered for the purposes of section 48. This, in the case at hand, has not come about, as discussed and so, recourse to section 50C(1) of the Act is not as per law. - 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 th .....

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er releasing him the assessee discussed with the tenant and sold the property for ₹ 12 lac to him. 5. Because under the peculiar circumstances the value taken by the assessing officer is highly excessive. 2. The following additional grounds have also been taken: 7.1 Because in any view, the Assessment framed u/s 148/143(3) of the I.T. Act by recourse to proceedings u/s 147 is wrong, illegal and bad in law, and are liable to be quashed/annulled. 7.2 Because in any view, the proceedings initiated u/s 147 by issue of notice u/s 148 in the peculiar facts and law taking recourse to section 50C of the IT Act is wrong, illegal and bad in law. 3. The additional grounds and ground no. 4 are not pressed. Rejected as not pressed. 4. The facts of .....

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formation as required by the DVO for determining the market value of the property. Therefore, the AO vide order sheet entry dated 16.10.2012 asked the assessee to furnish evidences if any writ was filed in the court in respect of the property in question and any order of the court in respect thereof. In reply to the AO s above query, as noted in order sheet entry dated 18.10.2012, the assessee answered negative. Therefore, the appellant has failed to prove the reasons given by him that the rate of the property is less than the circle rate for the stamp duty valuation. Also, the registered valuer, whose report has been submitted by the assessee, has also not controverted the circle rate by any example or giving any finding which could have b .....

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closed in the written submissions. PB 87-89 is a copy of the assessee s reply dated 16.10.2012 to the AO s notice dated 08.10.2012. It has, inter alia, been stated that the DVO never valued the property which was on rent for the last fifty years and could never be got vacated. The ld. Counsel has also referred to PB 1-2, written submissions dated 24.12.2014 filed before the ld. CIT(A). 7. Per contra, the ld. DR has placed strong reliance on the impugned order. The assessee s written submissions dated 30.07.2012 before the DVO (APB 41-86) have been referred to and it has been submitted that therein, no encumbrance over the property stands mentioned. It has been contended that section 50C is specific and in the present case, the option availa .....

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remains undisputed that the property was on rent with the purchaser for more than fifty years on a meager rent of ₹ 45 per month. In such a circumstance, obviously, vacation thereof was not possible and the assessee sold it to the tenant. Then, the adverse position through the tenancy on a meager rent was itself and encumbrance on the property, as also considered in CIT vs. Chandra Narain Chaudhri , 1989 UPTC 791 (PB 98/1- 98/10). Under such an encumbrance, the property could not have attracted the same value as compared to that of the case of a vacant or unencumbered property. In CIT vs. Chandra Narain Chaudhri (supra), it was also held that the Stamp Valuation Authority does not take into consideration the attributes of the property .....

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