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TMI Blog2022 (12) TMI 1119X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER PER : T.R. SENTHIL KUMAR, JUDICIAL MEMBER:- This appeal is filed by the Assessee against the appellate order dated 28.08.2017 passed by the Commissioner of Income Tax (Appeals)-3, Rajkot, as against the assessment order passed under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year (A.Y) 2012-13. 2. The brief facts of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ption of Jantri value by the Assessing Officer, stating that the two shops along with other 13 shops could not be sold by the assessee, because of the poor location of the property, which he could not sell the same for market value. Therefore he pleaded not to apply Section 50C in the above transaction. The assessee claimed that he had entered into a Banakhat on 17.10.2006 with the purchaser of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. 3. Aggrieved against the assessment order, the assessee filed an appeal before the Ld. CIT(A) and reiterated the same arguments made before the Ld. CIT(A). The Ld. CIT(A) held that the Stamp Duty valuation comes into picture, only when the sale deed is put for registration. Therefore the assessee's argument that the Jantri value of 2006 cannot be adopted, when the registration taken place only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sue namely ld. CIT(A) erred in confirming the addition of Rs. 4,01,223/- relating to Long Term Capital Gain without considering the legal and statutory provision. None appeared on behalf of the assessee but a written submission by Authorized Representative Mr. D.R. Adhia filed before us. 5. The Ld. D.R. Mr. B.D. Gupta appearing for the Revenue submitted that pursuant to the direction of this Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s relating to the transaction on 15.09.2006 and 16.10.2006 and produce the copies of the bank statements, so as the Assessing officer can invoke second proviso to Section 50C of the Act. Needless to state, the assessee should cooperate with the Assessing Officer by producing the relevant bank statements, so as the A.O. can pass a fresh assessment order. For this reason, the appeal is allowed for s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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