TMI Blog2017 (1) TMI 1682X X X X Extracts X X X X X X X X Extracts X X X X ..... ot. Therefore assessee should succeeded in its appeal. Referring to Smt. Sita Bai Ketan [2016 (11) TMI 955 - ITAT JAIPUR] we direct to AO to adopt the valuation of sale consideration as declared by the assessee. The additions made by the AO u/s. 50C is deleted and as grounds raised by the assessee are allowed. - I.T.A. No. 7545/Mum/2014 - - - Dated:- 25-1-2017 - SHRI RAJENDRA, AM AND SHRI C. N. PRASAD, JM For The Appellant : Shri Dharan V. Gandhi For The Respondent : Shri Asgar Zain ORDER Per : C.N. Prasad, Member (J) 1. This appeal is filed by the assessee against the order of CIT(A) - 2, Mumbai, dated 10/08/2014 for the Assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ale of property shown by the assessee at ₹ 103.82 crores and the capital gain computed by him at ₹ 104.12 Crores which came to ₹ 33,51,812/- was added u/s. 50 to the computation of Short Term Capital Gain by the Assessing Officer. 3. The CIT(A) sustained the additions made u/s. 50C observing that the Assessing Officer rightly adopted the stamp duty valuation in respect of one of the properties where an actual declared sale consideration is lower than the stamp duty valuation and the methodology adopted by the Assessing Officer is strictly in accordance with the provision of Section 50C of the Act. 4. Before us, the Ld. Counsel for the assessee submits as under:- 2.2.1 The appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, the appellant, while filing return of income, has treated the sale of both the properties as one transaction and treated the entire consideration of both the properties for the purpose of calculation of capital gains. The details of actual sale consideration and stamp duty value is as under:- 2.3 As the value of actual total consideration of ₹ 113,54,01,823 is higher than the stamp value of ₹ 110,42,42,400, the appellant considered the actual consideration as full value of consideration' for computing 'capital gain'. Hence, provisions of section 50C of the Act do not apply in the case of appellant. 2.4 The AO, vide the assessment order, has invoked section 50 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur Bench in the case of Smt. Sita Bai Ketan (Supra) held as under:- 4.2 We have heard rival contentions and perused the material available on record. We find that the Hon'ble coordinate Bench in ITA No. 1543/PN/2007 in the case of Rahul Constructions Vs. DCIT (Supra) has held as under:- We find that the Pune Bench of the Tribunal in the case of Asstt. CIT vs. Harpreet Hotels (P) Ltd. Vide ITA No. 1156-1160/Pn/2007 and relied on by the learned counsel for the assessee had dismissed the appeal filed by the Revenue where the CIT(A) had deleted the 'unexplained investment in house construction on the ground that the difference between the figure shown by the assessee and the figure of the DVO is hardly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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