TMI Blog2022 (4) TMI 802X X X X Extracts X X X X X X X X Extracts X X X X ..... itigation, or any other reason neither before the DVO nor before the Assessing Officer or before the ld CIT(A) or even before the Tribunal. Assessee has no reply/explanation as to why the fair market value adopted by the SRO cannot be applied in the case of the assessee. Therefore the objection of the assessee is liable to be rejected. By considering the SRO s value and DVO s report, the Assessing Officer has adopted the SRO s value as per section 50C - in the assessment order, the AO has correctly adopted the fair market value of the land and building at Rs..7,10,00,000/- by invoking the provisions of section 50C and the ld. CIT(A) has rightly confirmed the assessment order. Hence, we find no reason to interfere with the order passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 27.09.2013 declaring an income of Rs..2,17,47,500/-. The assessee has filed revised return of income on 08.09.2014 admitting the same income and claiming refund of Rs..11,71,840/-. In the assessment order, the Assessing Officer has noted that the assessee has sold a property on 13.08.2012 and the sale consideration was taken at Rs..4,00,00,000/-, whereas, as per the document No. 2997/2012 of SRO, Konnur, Chennai-49, in Annexure 1- A, the market value of the land and building sold by the assessee was determined by the Registering authority at Rs..7,10,00,000/- and stamp duty and fee was collected on this amount by the State Government Authority. This value was not disputed before the Registering authority either by the purchaser or by the se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orrect. He strongly supported the orders of authorities below. 5. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below including paper book filed by the assessee. The assessee has sold a property on 13.08.2012 and the sale consideration was taken at Rs..4,00,00,000/-. As per document, the sale consideration was Rs..7,10,00,000/-. The Assessing Officer has asked the assessee as to why the market value of the land and building determined by the Registering authority should not be applied for determining capital gain. However, the assessee has requested to refer the matter to the Departmental Valuation Cell for ascertaining the correct fair market value of the property. As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50C of the Act and the ld. CIT(A) has rightly confirmed the assessment order. Hence, we find no reason to interfere with the order passed by the ld. CIT(A). Thus, the ground raised by the assessee is dismissed. 6. So far as appeal in I.T.A. No. 1828/Chny/2018 against the order of the ld. CIT(A) passed under section 154 of the Act is concerned, the assessee preferred a rectification petition under section 154 of the Act on 01.06.2017 soon after conclusion of the appellate order of the ld. CIT(A) dated 04.05.2017 against the assessment order passed under section 143(3) of the Act dated 16.03.2016. The contention raised before the ld. CIT(A) by way of rectification petition under section 154 of the Act is that the ld. CIT(A) has omitted to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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