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TMI Blog2011 (2) TMI 937X X X X Extracts X X X X X X X X Extracts X X X X ..... erence by the AO to the DVO for valuation of fair market value of the property is invalid and estimation of fair market value made by assessee should be accepted. Decided in favor of the assessee. - ITA No.1716/Mum/2010 - - - Dated:- 15-2-2011 - SHRI R.S. SYAL, AND SHRI R.S. PADVEKAR, JJ Represented By:- Assessee by: Shri Reepal G. Tralshawala Revenue by: Shri R.S. Srivastava ORDER PER R.S. PADVEKAR, JM In this appeal the assessee has challenged the impugned order of the Ld. CIT (A) 27, Mumbai dated 8.1.2010 for the A.Y. 2005-06. Ground no.1 reads as under:- I. The Ld. CIT (A) erred in confirming the action of the A.O. in taking valuation of Stamp Duty Authorities of Sion Property as Sale Consideration without ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consideration and the A.O. is bound to refer the matter to the DVO for valuation under sub-section (2) to section 50C. The assessee also relied on the decision of the ITAT Jodhpur Bench in the case of Meghraj Baid vs. ITO 114 TTJ 814 (Jd.). We have also heard the Ld. D.R. 3. Section 50C is a deeming provision and it is applicable in respect of transfer of the land or building or both by the assessee. It provides that in case of transfer of a land or a building if the valuation made for the purpose of the payment of the stamp-duty by the State registration authority is more than the sale consideration declared by the assessee in the conveyance, then the said value will be adopted as a consideration for computation of the capital gain u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e have heard the parties. As the said property was purchased prior to 1.4.1981, the assessee adopted fair market value of the plot for the purpose of the index cost of the acquisition (ICA). The assessee filed the valuation report of the registered valuer and as per the valuation made by the registered valuer the fair market value of the said property as on 1.4.1981 at Rs. 43,10,100/- and index cost was worked out at Rs. 2,06,88,000/-. The A.O. made a reference to the District Valuation Officer I Mumbai U/s. 55A of the Act. It appears that as the Valuation report was not received from the DVO and assessment was getting time barred, the A.O. completed the assessment subject to the further rectification. Now, the assessee has challenged the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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