TMI Blog2018 (8) TMI 969X X X X Extracts X X X X X X X X Extracts X X X X ..... d. assessing officer that valuation adopted by the Stamp duty authorities is not the correct valuation of the property sold. The provisions of section 50 C are amended w.e.f. 1/4/2019 only for ignoring the stamp valuation authority valuation if it does not exceed 105% of the consideration received. However, that applies only when comparing the stamp duty valuation with the actual sale consideration of the property. In view of above facts we direct the Ld. assessing officer to work out the capital gain by considering the deemed sale consideration of the property at ₹ 21.78 Lacs and then work out the capital gain chargeable to income tax act. Decided in favor of assessee. - ITA No. 141/DEL/2018 - - - Dated:- 14-8-2018 - SH. B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Appeal before or at the time of hearing. 2. The assessee is aggrieved that the Ld. Assessing Officer has computed the capital gains by applying the provisions of Section 50C of the Act. 3. The brief facts of the case are that the assessee is an individual. On the basis of the AIR information, the Ld. Assessing Officer noted that she has sold a property for sale consideration of ₹ 36,83,000/-. Therefore, notice u/s 148 of the Act was issued. Consequently, it was found that the assessee and her son have jointly sold a residential plot at Vasundhra, Ghaziabad for a sale of consideration of ₹ 20 lakhs for which the stamp duty value is ₹ 34.85 lacs as per the registered sale deed dated 13/5/2008. Therefore, the Ld. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. CIT (A) rejected it, as according to him, the appellant has not claimed before the A.O that the value adopted by the Stamp Valuation Authority has exceeded the fair market value property. Therefore, he rejected the appeal of the assessee. 5. The Ld. Authorized Representative reiterated the same arguments and facts before us. It was the claim of the assessee that Ld. assessing officer has only referred the matter to the departmental valuer only when the assessee has objected before the Ld. assessing officer that the Stamp duty valuation is higher side by submitting the report of the registered valuer who valued the property at ₹ 21.78 Lacs, he submitted that assessee has made proper claim before the assessing officer. He submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... report of the district valuation officer. However, the valuation as per the report of the Asst valuation officer was ₹ 21.78 Lacs. Before the assessing officer the report of the assistant valuation officer was not available as the assessment order was passed on 26/12/2016 where as the valuation report by AVO was received on 7/3/2017. However it was available before the Ld. CIT A but he rejected it for the reason that it is for the assessee to claim before the Ld. assessing officer that the value adopted by the Stamp valuation authority exceeds the fair market value of the property as on the date of the transfer and the value has not been disputed in any appeal or revision before any other authority or the court. According to him suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Stamp duty value before the Ld. assessing officer or not. Before us the assessee has submitted that assessee has submitted the report of the government-approved valuer who valued the property at ₹ 19.65 Lacs. Further, as the Ld. assessing officer was not satisfied with the valuation report of the government-approved valuer, he referred the matter or valuation to the district valuation officer. There is no specific manner provided by the act for making a claim before the Ld. assessing officer under section 50 C of the income tax act. Such claim can also be made in the return of income as well as in various communications before the assessing officer. As the assessee has submitted the report of the registered government approved v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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