TMI Blog2018 (10) TMI 1123X X X X Extracts X X X X X X X X Extracts X X X X ..... ’s only objection to application of section 50C is that the Assessing Officer did not refer his case to the Valuation Officer for determination of Fair Market Value because despite the fact that appellant raised an objection before the lower authorities for referring the mater to DVO for determination of Fair Market Value but lower authorities did not bother. Therefore, stand of the revenue is not sustainable. Therefore, we set aside the order of the A.O. and remand this matter back to the Assessing Officer who will refer this matter to the file of the DVO. Thereafter will decide the matter in accordance with law. - Decided in favour of assessee for statistical purpose. - ITA. No: 764/AHD/2015 - - - Dated:- 18-10-2018 - SHRI MAHAVIR PRAS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee amounting to ₹ 8,32,950/- at 12.49% of total consideration. The stamp duty shown in sale deed ₹ 3,27,000/- stamp charges and registration fees ₹ 67,010/-. Thus total ₹ 3,94,010/- expended by the assessee and seven persons. Therefore ₹ 49,210/- are to be paid by the assessee on the part of stamp charges and registration fees at 12.49% of total expended ₹ 3,94,010/-. The assessee also paid construction expenses to Shri. Jay Vijay Construction Co. amounting to ₹ 16,12,500/-. 3. Also enclosed five sale deeds of ₹ 42,20,000/- each dated 26/05/2009, sale considerations of ₹ 2,11,00,000/-(Rs. 42,20,000/- X 5). In which the assessee received sale consideration of ₹ 21,85,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee and other sold the property situated at Rustampura Surat Ward No.2, Note no. 646/A 647/B/l constructed building in five parts on 26/05/2009 to Salasar Polyfab Pvt. Ltd. Surat in different sale deed as below: 1. Ground Floor 2293.60 sqr Ft. 2. First Floor 2293.60 sqr. Ft. 3. Second Floor 2293.60 sqr. Ft. 4. Third Floor 2293.60 sqr. Ft. 5. Higher Ground Floor 2293.60 sqr. Ft 7. As per sub-registrar office Surat-2 Udhana sale consideration sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spect of any area. The valuation shown in valuation table is mandatorily required to be taken in to consideration under the provision of 50C of the I.T. Act 1961. I therefore take the amount of ₹ 37,37,182/- being assessee's share at 10.35 % of total sale consideration comes to ₹ 3,61,08,040/- for by sub registrar Surat-2 Udhana as it is the deem to the full value of the consideration received by the assessee as a result of transfer of the property under consideration. U/s. 50C when stamp duty valuation property is higher than apparent sale consideration shown in the instrument of transfer than onus to prove that fair market value of the property is lower than SVA is on the assessee who can reasonable discharge this onus by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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