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TMI Blog2022 (10) TMI 295X X X X Extracts X X X X X X X X Extracts X X X X ..... r Bhojani against two different orders dated 18.05.2016 & 10.07.2018 passed by the CIT(A), Ahmedabad for the Assessment Years 2012-13 respectively. 2. The assessee in its Cross Objection No.122/Ahd/2016 has raised the following grounds :- "1. The Ld. CIT (Appeals) has erred in adapting the Jantri value of Rs.1,68,90,617/- as against taken by assessee in the return of income of Rs.1,18,81,200/- by applying section 50C of the I.T. Act, 1961. It is said that in view of the facts and circumstances of the case as well as law, the provision of Section 50C is not applicable even otherwise there is no justification for enhancing the value at Rs.1,68,90,617/-" The assessee in its Appeal ITA No.156/Ahd/2020 has raised the following grounds :- " ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... khs which with in terms of percentage is 11.32% shown in the immediately preceding year. The Assessing Officer has made addition in respect of LTCG on sale of property amounting to Rs.1,29,02,091/- thereby observing that the assessee has shown the same value of the residential house property on the basis of Sale Deed executed at Rs.2,37,62,400/- whereas Sub-Registrar Office has approved the jantri rate/ market value of the same at Rs.3,37,81,233/-. Thus, the Assessing Officer observed that the assessee had under-stated the value of the sale of the aforesaid property in view of the provisions of Section 50C of the Act. The Assessing Officer further observed that the exemption claimed under Section 54 of the Act is not allowed to the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rar, therefore ,the provisions of section 50C(2) of the Act is not applicable to the assessee is also not correct as the assessee has given detailed submissions before the CIT(A) and thereby stating as to why the said value to be adopted by the Registered Valuer. The Ld. AR pointed out the application for refund of stamp paid on the sale deed dated 15.12.2014 which is made to the Collector & Inspector General of Registrations Gujarat. 6. The Ld. DR submitted that land was sold on 20.10.2012 and the objection to show cause notice was claimed by the assessee at the time when almost the assessment proceedings were at conclusion stage. The Ld. DR relied upon the assessment order. 7. We have heard both the parties and perused all the relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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