TMI Blog2024 (1) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... eedings, the Assessing Officer had made a reference to the DVO for determining the FMV of the property. Since, the report of the DVO was not received in time, the Assessing Officer had proceeded to complete the assessment by adopting value determined by the SVA[Stamp Valuation Authority] as deemed sale consideration. However, before the first Appellate Authority DVO report was available. Additionally, the assessee had also furnished a valuation report of the Govt. Registered Valuer. As very same property, the value determined by the SVA under no circumstances reflects the FMV as there is wide variation of more than Rs. 2,00,00,000/- between the value determined by SVA and the DVO. It is further observed that the Govt. Registered Valuer h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned by Ld. First Appellate Authority deserves to be deleted. Assessee appeal allowed. - Shri Saktijit Dey, Vice President And Shri Narendra Kumar Billaiya, Accountant Member For the Appellant : Sh. Mayank Patwari, CA And Sh. Anmol Jagga, CA For the Respondent : Sh. Kanv Bali, Sr. DR ORDER PER SAKTIJIT DEY, VP: This appeal has been filed by the assessee against the order of Learned Commissioner of Income Tax (Appeals), New Delhi [ Ld. CIT(A) , for short], dated 25/10/2019 for Assessment Year 2015-16. 2. The Concise Grounds taken in this appeal are as under: That the present grounds are being filed as per the direction of the bench on hearing dated 19.12.2023. The grounds are as under: 1. That the L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed upon the assessee to furnish the details/documents relating to the properties sold. While examining the sale deeds, the Assessing Officer noticed that though the property at B-6, Sector-8, Noida was sold for a consideration of Rs. 5,50,00,000/-, however, in the registered sale deed the Stamp Valuation Authority (SVA) has valued the property at Rs. 8,38,38,000/- for stamp duty purpose. Based on such information, the Assessing Officer called upon the assessee to explain why the value determined by the SVA should not be taken as deemed sale consideration in terms of section 50C(1) of the Act. 5. In response to the query raised by the Assessing Officer, the assessee submitted that though negotiations for both the properties were finalized ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... port from a Government registered valuer, wherein, the value of the property was determined at Rs. 5,36,00,000/-. After examining both the valuation reports, Ld. First Appellate Authority adopted the value determined by the DVO at Rs. 6,38,58,500/- Accordingly, he directed the Assessing Officer to compute the capital gain by adopting the value of the DVO. 6. Before us, learned counsel appearing for the assessee reiterated the stand taken before the Departmental Authorities. Whereas, Ld. Departmental Representative strongly relied upon the observations of the Ld. First Appellate Authority. 7. We have considered rival submissions and perused the materials on record. The crux of the issue arising for consideration before us is, what shou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 5,50,00,000/- (ii) Value of the property as per SVA Rs. 8,38,38,000/- (iii) Value of property as per DVO Rs. 6,38,00,000/- (iv) Value of property as per Registered Valuer Rs. 5,36,00,000/- 8. As could be seen from the various valuations available on record in respect of the very same property, the value determined by the SVA under no circumstances reflects the FMV as there is wide variation of more than Rs. 2,00,00,000/- between the value determined by SVA and the DVO. It is further observed that the Govt. Registered Valuer has determined the value of the property at Rs. 5,36,00,000/-. The difference between the sale consideration received by the assessee and the FMV determined by the DVO works out to only Rs. 88,58,500 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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