2013 (1) TMI 765 - AT - Income Tax

Summary

Issues involved:
The appeal is against the order of the CIT(Appeals)-I, Coimbatore for the assessment year 2009-10 regarding the adoption of sale consideration for a property sold by the assessee.

Details of the Judgment:

Issue 1: Adoption of Sale Consideration
The Assessing Officer observed from the Individual Transaction Statement that the assessee had sold immovable properties valued at `39,63,900/- but had received only `25,60,000/-. The stamp duty was paid on the higher amount. The assessee requested to adopt the actual sale consideration due to distress sale, but section 50(C) was invoked to adopt the higher value. The CIT(Appeals) upheld this decision based on the provisions of section 50(C) and dismissed the appeal.

Issue 2: Referral to District Valuation Officer
The assessee requested the matter to be referred to the District Valuation Officer for valuation. However, the learned DR argued that since the assessee did not dispute the matter before the Assessing Officer, referral at this stage may not be necessary. The Tribunal noted that there was no objection raised by the assessee regarding the sale consideration adopted for stamp duty purposes, and therefore, upheld the decision to not refer the matter to the DVO.

In conclusion, the Tribunal found no error in the orders of the authorities below, confirming the adoption of the higher sale consideration and dismissal of the appeal.