9911796707
TMI Blog2021 (12) TMI 809X X X X Extracts X X X X X X X X Extracts X X X X ..... as "the Act") relevant to the Assessment Year 2012-13. First, we take up ITA No. 992/AHD/2019, an appeal by the assessee 2. The only issue raised by the assessee is that the learned CIT-A erred in confirming the addition made by the AO for Rs. 5,77,000 in part instead of deleting the same in entirety. 3. The facts in brief are that the assessee in the present case is an individual and drawing income as share of profit from the partnership firm and other sources. The assessee in the year under consideration has sold the property jointly along with his wife for a consideration of Rs.59 lakhs in aggregate. The share of the assessee in the impugned property was 50%, therefore the assessee has shown sale consideration at Rs. 29,50,000.00 onl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0C of the Act under the head short-term capital gain. 4. Aggrieved assessee preferred an appeal to the learned CIT (A) who directed the AO to refer the matter to the DVO. The DVO in his report dated 1st February 2019 has determined the value at Rs. 70,54,000.00 only. Thus the share of the assessee in such property as per the DVO report stood at Rs.35,27,000.00 only. However, the assessee before the learned CIT (A) reiterated the contention that the excess value of the sale consideration represents the gift to the wife of his brother being the relative. Therefore, there cannot be any addition to the total income of the assessee. 5. However, the learned CIT (A) disregarded the contention of the assessee and directed the AO to adopt the valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, the excess value determined by the DVO should be treated as gift and the same should not be treated as part of the sale consideration while determining the income under the head capital gain. 8. On the contrary, the learned DR vehemently supported the order of the authorities below. 9. We have heard the rival contentions of both the parties and perused the materials available on record. The provisions of section 50C of the Act requires to adopt the value determined for the purpose of Stamp duty as the sale consideration on the transfer of capital asset being land and building if the consideration on the transfer of the capital asset is less than the value adopted or assessed or assessable for the purpose of stamp duty. In other words, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... han the value adopted or assessed by the Stamp Valuation Authorities for the purpose of payment of stamp duty in respect of transfer, then value so adopted or assessed by them shall be deemed to be the full value of consideration; (3) It is also provided that where the assessee claims that the value adopted or assessed for stamp duty purposes is more than the fair market value of the property as on the date of transfer and he has not disputed this value before the appellate authorities or the Court under Stamp Duty Act then the Assessing Officer may refer the valuation of such property under transfer to the Valuation Officer in accordance with section 55A of the Income-tax Act, 1961. If the fair market value so determined by the Valuation ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
