TMI Blog2020 (10) TMI 1025X X X X Extracts X X X X X X X X Extracts X X X X ..... (A). Sub-section 50C(2) of the Act is very clear if the valuation of the property as arrived at by the stamp valuation authority is disputed by the assessee the As relying on ABBAS T. RESHAMWALA (PROP. DYNAMIC IMPRESSION) VERSUS I.T.O., WARD 22 (3) (1) , MUMBAI [ 2009 (11) TMI 943 - ITAT MUMBAI] we direct the AO to refer the matter to the DVO for valuation of the property as per the provisions of sub-section (2) of Section 50C and to determine the capital gains in accordance with law. Grounds raised by the assessee are allowed. - ITA No. 624/MUM/2019 - - - Dated:- 23-10-2020 - Shri C.N. Prasad, Hon'ble Judicial Member And Shri N.K. Pradhan, Hon'ble Accountant Member For the Assessee : Shri Abhay A Shastri For the D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- u/s. 54 of the Act was disallowed. 4. Assessee carried the matter before the Ld.CIT(A) and the Ld.CIT(A) held that valuation adopted by the stamp valuation authority at ₹.61,00,000/- has to be considered as the full value of consideration received and since the Assessing Officer in the assessment order has failed to add the differential amount of ₹.31,00,000/-, he directed the Assessing Officer to make an addition of ₹.31,00,000/- while computing the capital gain as against the action of the Assessing Officer in denying the exemption claimed u/s. 54 of the Act. 5. Ld. Counsel for the assessee before us submitted that in the course of the assessment proceedings the assessee filed a letter on 28.12.2016 explaining h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... planation of the assessee is not accepted that the market value is less than the stamp duty valuation the valuation of the property may be referred to the valuation cell of the department to compute the market value. This was completely ignored by the Assessing Officer and also the Ld.CIT(A). Sub-section 50C(2) of the Act is very clear if the valuation of the property as arrived at by the stamp valuation authority is disputed by the assessee the Assessing Officer is duty bound to refer the valuation of the capital asset to valuation officer. In the case of Shri Abbas T. Reshamwala v. ITO (supra) the Tribunal had considered a similar situation and held as under: 8. It is the submission of the learned DR that the Assessing Officer can re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of section 50C of the Act. We, therefore, deem it proper to restore the matter back to the file of the Assessing Officer with a direction to refer the matter to the DVO and decide the issue afresh as per law. The Assessing Officer shall give adequate opportunity of being heard to the assessee while deciding the issue. We hold and direct accordingly. The grounds raised by the assessee are accordingly allowed for statistical purposes. 8. Facts being identical respectfully following the said decision, we direct the Assessing Officer to refer the matter to the DVO for valuation of the property as per the provisions of sub-section (2) of Section 50C of the Act and to determine the capital gains in accordance with law. Grounds raised by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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