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TMI Blog2009 (2) TMI 258X X X X Extracts X X X X X X X X Extracts X X X X ..... 9) TMI 956 - MADRAS HIGH COURT] held that, guideline values of Registration Department has evidentiary value and cannot be regarded as conclusive evidence. Hence, from this exposition, it is clear that guideline value is not conclusive proof. If the AO prefers the value obtained from Sub-Registrar's office, it cannot be said that the assessee is guilty of furnishing inaccurate particulars or concealment so as to attract penalty u/s. 271(1)(c). Revenue's reliance upon s. 50C - Assessee claims before any AO that the value adopted or assessed by the stamp valuation authority under sub-s. (1) exceeds the fair market value of the property as on the date of transfer - It is clear that the section is applicable in cases where stamp d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of acquisition incurred by the assessee. Hence, they approached the registered valuer, Shri K. Rajagopalan and obtained a valuation report stating that the market value of the property in 1981 in P.H. Road was Rs. 60,000 per ground. Hence the value of the land worked out to Rs. 10,31,075 and the old building that existed on the land was valued at Rs. 9,45,410 as on 1981. The total value of the property has been arrived at Rs. 19,76,476. 4. The AO was not in agreement with the above. He conducted enquiries with the office of Sub-Registrar and found that the value of land as on 1st April, 1981 was only Rs. 50,000 per ground. The AO, therefore adopted the fair market value of the land as on 1st April, 1981 at Rs. 50,000 per ground. The AO ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rely because there was difference in the fair market value of land and building, it cannot be said that there is a case for imposition of penalty. The expression 'conceal' is of great importance and it signifies a deliberate act or omission on the part of the assessee. In this case, it cannot be said that the assessee deliberately withheld any information from the AO which was detected by him. Similarly, it cannot be said that the assessee misled the AO by giving inaccurate particulars. I find that the computation made by the assessee was based on her bona fide belief and the report of the registered valuer, and merely because the assessee accepted the assessment order, penalty under s. 271(1)(c) could not be imposed. I also find that there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to have noted that the Hon'ble Supreme Court in the case of Union of India vs. Dharamendra Textile Processors (2007) 212 CTR (SC) 432 has held that its decision in the case of Dilip N. Shroff vs. Jt. CIT (2007) 210 CTR (SC) 228 : (2007) 291 ITR 519 (SC) relied on by the assessee in this case needs reconsideration by a Larger Bench. - The CIT(A) ought to have appreciated that the assessee, having enjoyed the assistance of tax consultants, cannot plead ignorance for not considering the newly inserted provisions of s. 50C which gives statutory basis to the Sub-Registrar's valuation w.e.f. 1st April, 2003 and also the provisions of s. 48 and s. 49(1) governing the indexed cost of acquisition. - The CIT(A) ought to have considered that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 008) 219 CTR (SC) 617 : (2008) 14 DTR (SC) 114 : (2008) 306 ITR 277 (SC) is not applicable on the facts of the case as the same is applicable only when there is furnishing of inaccurate particulars or concealment by the assessee which leads to addition of income. Similarly, the Hon'ble Punjab Haryana High Court case law relied upon by the learned Departmental Representative is also found not applicable on the facts of the case. Hon'ble apex Court in the case of CIT vs. Sun Engineering Works (P) Ltd. (1992) 107 CTR (SC) 209 : (1992) 198 ITR 297 (SC) has held as under: "It, is neither desirable nor permissible to pick out a word or a sentence from the judgment of the Supreme Court divorced from the context of the question under considerat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1), where- (a) the assessee claims before any AO that the value adopted or assessed by the stamp valuation authority under sub-s. (1) exceeds the fair market value of the property as on the date of transfer; (b) the value so adopted or assessed by the stamp valuation authority under sub-s. (1) has not been disputed in any appeal or revision or no reference has been made before any other authority, Court or the High Court. the AO may refer the valuation of the capital asset to a Valuation Officer and where any such reference is made, the provisions of sub-ss. (2), (3), (4), (5) and (6) of s. 16A, cl. (i) of sub-s. (1) and sub-ss. (6) and (7) of a. 23A, sub-s. (5) of s. 24, s. 34M, s. 35 and s. 37 of the WT Act, 1957 (27 of 1957), sha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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