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TMI Blog2018 (10) TMI 1123X X X X Extracts X X X X X X X X Extracts X X X X ..... 57,672/- U/s. 50C of the Income Tax Act, 1961 on account of STCG without referring the matter to Valuation officer. 2. 2. On the facts and in circumstances of the case as well as law on the subject, the learned CIT(A) has not issued show cause notice to the assessee for making addition of Rs. 20,57,672/- U/s. 50C of the Income Tax Act, 1961 on account of STCG. 2. The facts of the case are that the assessee derived salary from RSA Marketing, Akota, Baroda. During the year under consideration, as per representative of the assessee Falguni Shah C.A. submitted letter dated 07/02/2013 snowing working of Short Term Capital Loss amounting to Rs. 3,11,502/- on sale of immovable property at Rustampura, Surat. Also enclosed sale deed amounting t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13 that our client has received only Rs. 4,37,000/-i.e. 10.35% of the whole consideration which the same is deposited in his account. Further informed that the sale value of Rs. 72,21,608/- as given by the sub-registrar Surat-2 Udhana, is not to be considered as the opponent purchaser of the said property must have paid stamp duty a higher rate. We have not received any amount of Rs. 72,21,608/- as mentioned in Jantri Value. Also submitted index-2, shown consideration ground floor property at Rs. 42,20,000/-. Also added that the details working of short term capital loss given with proper evidence and justification of every figure considered has already been given. Also added as per note sheet dated 26/03/2013 that the assessee and represen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of stamp duty could have a ready reference to charge stamp duty irrespective of the amount of consideration shown in the sale deed. The sub registrar to not register the sale deed unless and until the stamp duty is paid according to valuation table irrespective of amount of sale consideration shown in the sale deed. The stamp valuation authority authorized by Act the valuation is fixed by it are on the basis of consideration of all relevant factors effecting the valuation looking to development of area growth of organization and also the higher transaction recorded in respect 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 therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DVO. In appellant proceedings at page no. 11 at Para 6.5 ld. CIT(A) clearly mentioned that assessee'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, in our considered opinion, 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. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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