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TMI Blog2022 (12) TMI 1094X X X X Extracts X X X X X X X X Extracts X X X X ..... I.T.A. No.2836/Ahd/2013 for Assessment Year: 2009-10. 2. The facts in brief are, the assessee filed its Return of Income for the A.Y.2009-10, declaring total income of Rs.43,05,447/-. The Assessing Officer during assessment proceedings, noticed that the assessee having 53% share in the property situated at Sachin Surat sold the same at Rs.57,36,000/. The assessee entered in to agreement for sale on 29/03/2008, however, the sale deed was registered on 25/07/2008 i.e. previous year relevant to the A.Y.2009-10. All cheques were cleared in the month of September,2008 and no payment was realized in A.Y.2008-09. Thus, entire transaction took place in the financial year 2008-09 (Assessment Year 2009-10). The State Government had given benefit of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of case and in law, the Hon'ble Appellate Tribunal is justified in upholding the decision of the Ld CIT(A) of deleting the addition of Rs.3,72,57,828/- u/s 50C of the Act made by the Assessing Officer without appreciating the facts that the Assessing Officer correctly applied Jantri Rates for the F.Y.2008-09 and calculated Short Term Capital Gain as the sale of land was executed during the F.Y.2008-09?" (B) "Whether on the facts and circumstances of case and in law, the Hon'ble Appellate Tribunal is justified in upholding the decision of the Ld CIT(A) of deleting the addition of Rs.3,72,57,828/- u/s.50C of the Act made by the Assessing Officer without appreciating the facts that the Assessing Officer correctly pointed outs defects in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ale deed was registered on 25/07/2008 and assessee had also shown capital gain in the A.Y.2009-10. Therefore, the A.O. was correct in assessing the capital gain considering the Jantri value prevalent on 01/04/2008. 6. The Tribunal relying upon the decision rendered in the case of Hasmukhbhai M. Patel v. ACTT Circle - 1(1) Baroda reported in [2011]12 taxmann.com 300(Ahd), held as under: "8. There is no dispute regarding sale consideration. The dispute regarding the rate adopted on the basis of information collected from Stamp Duty Authorities with regard to various rates which were adopted for the purpose of payment of stamp duty in respect of transfer of property in various area. On the basis of such information, the AO worked out the va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uty of Rs.2,57,000/-. However, AO adopted the jantri rate and made his own valuation on the basis of assessable rate of stamp duty on the date of registration of sale deed. Since, section 50C provides the rate adopted or assessed by the Stamp Duty Authorities is to be considered for the purpose of Section 50C of the Act. Therefore, the AO was not correct in adopting the market value assessable for the purpose of stamp duty, as said the provision has been inserted in the section 50C with effect from 01/10/2009, and applicable from A.Y.2010-11. 8. Further, the Tribunal has rightly observed that once valid reference to the valuation officer is made under section 50(C)(2) of the Act, assessing officer is not empowered to reject the report of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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