9911796707
TMI Blog2018 (10) TMI 1893X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee filed the return of income on 27.12.2013 admitting a total income of Rs..15,11,830/-. The return was processed under section 143(1) of the Income Tax Act, 1961 ["Act" in short] on 03.07.2014. The assessee along with 63 others sold the property at Door No. 71, LB Road, Thiruvanmiyur, Chennai for a total consideration of Rs..32 crores. The guideline value for the property as mentioned in the sale deed was Rs..100.04 crores. As the assessee has not admitted the 50C value and there was escapement of income, notice under section 148 of the Act was issued. 2.1 A search operation under section 132 of the Act was conducted in the case of Shri N. Palanisamy and his group of companies. During the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f income, the ld. CIT(A) deleted the addition. 4. Aggrieved, the Revenue is in appeal before the Tribunal. By referring to the grounds of appeal, the ld. DR submitted that the ld. CIT(A) wrongly assumed the sale consideration returned by the assessee at Rs..52.66 crores, whereas, it was only Rs..32 crores as mentioned in the sale deed dated 07.10.2011 and therefore, wrongly concluded that the valuation adopted by the DVO of Rs..48.91 crores was less than the sale consideration returned by the assessee. Since the DVO value of Rs..48.91 crores is more than the sale consideration of Rs..32 crores shown in the sale deed, the ld. DR has pleaded that the order of the ld. CIT(A) should be set aside and directed the Assessing Officer to adopted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ents. In his remand report, the Addl. CIT has concluded to adopt the DVO value as fair market value instead of adopting guideline value fixed by the Assessing Officer under section 50C of the Act for determining the long term capital gains. 5.1 In the assessment order, the Assessing Officer adopted guideline value of the property at Rs..100.04 crores and assessed the long term capital gain under section 50C of the Act pending receipt of DVO value. Before the ld. CIT(A), the assessee has raised a specific ground that the Assessing Officer should take the value fixed by the Valuation Cell of IT Department and rework the long term capital gain of the co-owners. However, we find that the ld. CIT(A) has erroneously taken ..... X X X X Extracts X X X X X X X X Extracts X X X X
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