TMI Blog2018 (5) TMI 1767X X X X Extracts X X X X X X X X Extracts X X X X ..... e for making an application for the purpose of section 50C(2). When the assessee has disputed adoption of value equivalent to the amount on which stamp duty was paid, then the ld.CIT(A) itself ought to have called for a report under section 50C(2) of the Act. The failure of the Revenue authorities for is an irregularity which deserves to be rectified. Therefore, we allow the appeal of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee is that the ld.CIT(A) has erred in confirming the addition of ₹ 44,24,800/- in the computation of short term capital gain arising to the assessee. 3. Brief facts of the case are that the assessee has filed return of income on 14.8.2010 declaring total income at ₹ 27,84,468/-. The assessee has sold four pieces of land through four sale deeds of different dates during th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer for determining fair market value of the property on the date of transfer. In other words, the case of the assessee is that if an assessee disputed determination of sale value according to the stamp duty valuation, then the matter would be referred to the DVO for determining FMV and after that report, the ld.AO was required to adopt the consideration of the capital assets for the purpose of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... full value of the consideration. In other words, full consideration mentioned in section 48 is to be replaced by the consideration on which value of the property was adopted for the purpose of payment of stamp duty. However, sub-section (2) of section 50C provides that where (a) the assessee claims before AO that value adopted or assessed or assessable by the stamp valuation authority under sub-se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be rectified. Therefore, we allow the appeal of the assessee; set aside both the orders and restore this issue to the file of the AO for readjudication. The ld.AO shall make reference under section 50C(2) to the DVO and obtain report of the DVO for deciding the value required to be deemed as full sale consideration for the purpose of computation of capital gain. The appeal of the assessee is all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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