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TMI Blog2025 (5) TMI 203X X X X Extracts X X X X X X X X Extracts X X X X ..... nfirming addition of Rs. 19,65,685/- under the head Long Term Capital Gains by applying provisions of section 50C of the Income Tax Act, 1961, with total disregard to the facts & circumstances of the case. 2. That the Learned Assessing Officer has erred in assumption of jurisdiction to initiate re-assessment proceedings u/s 148 of the Income Tax Act, 1961, in the case of the assessee. 3. The assessee reserves its right to add, amend, alter or delete any grounds of appeal at the time of hearing." 2. The assessee has also taken additional ground which reads as under: - "1. Because, on the facts and in the circumstances of the case, the impugned orders of assessment as also of the Commissioner of Income Tax (Appeals) are patiently illeg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ttended the assessment proceedings on behalf of the assessee and filed copy of sale deed. The AO has recorded that the issue qua valuation of properly was referred to the Assistant Valuation Officer for valuing the market value as per Section 50C of the Act. However, the Valuation Officer expressed his inability vide letter dated 28.12.2011 to assess value on account of the assessee's failure to provide the relevant information. Thus, the AO adopted the value as per circle rate and made the impugned addition, by computing capital gain of Rs. 19,65,330/- at the hand of the assessee being owner of half share into the property. Aggrieved by this, the assessee preferred an appeal before the Ld. CIT(A) who sustained the finding of the assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act dated 15.10.2010 calling upon the assessee to file his return of income was issued. A notice u/s 143(2) of the Act dated 29.12.2011 along with additional ground is placed on record by the assessee. The notice is purported to have been issued calling upon the assessee to attend the assessment proceedings. It is interesting to note that the said notice dated 29.12.2011 referred to the Income Tax Return filed on 29.12.2011. Ld. Counsel for the assessee strongly urged that the assessment order passed in pursuance of such notice deserves to be quashed. As it is clear case of non application of mind by the assessing authority. Ld. Counsel has relied upon the judgment of the Hon'ble Delhi High Court rendered in the case of Director of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessing authority grossly failed to obtain valuation report from the DVO as contemplated u/s 50C of the Act. This contention of the assessee is strongly opposed by the Ld. DR, by drawing our attention to the finding of the Assessing Officer that the Assistant Valuation Officer expressed his inability to furnish the valuation report vide letter dated 28.12.2011 in the absence of relevant information. Admittedly, the assessing authority has noted that the assessment was getting barred by time. He, therefore, passed the impugned assessment order and made the addition under challenge. It is also interesting to note that the Assessing Officer in the assessment order itself states that the value declared by the assessee is accepted. For th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reement fixing the amount of consideration and the date of registration for the transfer of the capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of computing full value of consideration for such transfer: Provided further that the first proviso shall apply only in a case where the amount of consideration, or a part thereof, has been received by way of an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account, on or before the date of the agreement for transfer: 75a[Provided also that where the value adopted or assessed or assessable by the stamp valuation authority do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957). Explanation 2.-For the purposes of this section, the expression "assessable" means the price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty. (3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section (2) exceeds the value adopted or assessed or assessable by the stamp valuation authority referred to in sub-section (1), the value so adopted or assessed or assessable by such authority shall be taken as the full value o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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