TMI Blog2019 (8) TMI 470X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 1st October, 2014 held that under Section 50 (C)(3) of the Act, the value adopted for payment of stamp duty can be adopted as sale consideration only if the fair market value determined by DVO is less than the value adopted for stamp duty purposes. In the present case since a report had not been obtained by making a reference to the DVO, the addition made by the AO was held not to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - ITA 30/2019 - - - Dated:- 6-8-2019 - S. MURALIDHAR AND TALWANT SINGH JJ. Appellant Through: Ms. Lakshmi Gurung, Senior Standing Counsel, Mr. Tushar Gupta, Junior Standing Counsel and Mr. Siddharth Gupta, Advocate. Respondent Through: None. O R D E R C.M.No.1736/2019 (Delay) 1. For the reasons stated therein, the delay in re-filing th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00/-. Besides the above, the Assessee carried forward ₹ 2,35,72,000/- as long term Capital Loss on sale of factory land. The factory was claimed to have been sold by the Assessee for ₹ 10.25 crore, whereas the property was valued at ₹ 14,83,68,000/- for stamp duty purposes. Before the AO, the Assessee requested the matter to be referred to the District Valuation Officer (DVO) for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al was dismissed by the ITAT by the impugned order, by referring to the decisions of its coordinate benches, as well as the aforementioned decision of the Madras High Court. 7. Learned counsel for the Revenue sought to urge that the Assessee sought a reference to the DVO only at the last minute and that the AO is justified in declining to accept the request and in proceeding to finalize t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment. It is not for the AO to presume that the valuation report would not be received in time. The mandatory language of Section 50 C does not allow the AO to avoid making a reference thereunder and in surmising that the valuation report would not be received before the time limit for completion of assessment. That per se would not justify proceeding with making an addition when there was a spe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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