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TMI Blog2013 (7) TMI 57X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the ld. A.V.O. has made the basis of the stamp duty rate and provided the deduction 5% on the lower side. The A.V.O. has not collected any informations from the market and the neighboures of the land and only a Godown has been constructed on the said land. The A.V.O. has not mentioned the basis of taking the deduction @ 5%. (ii) That the A.V.O. has not considered the opinions in writing of the two prominent property dealers whose certificates were filed. (iii) That the ld.A.O. has neither considered the submissions as mentioned in the petition dated 27.07.2011 nor brought in the Assessment Order. 2. That without prejudice to Ground No.1 above the assessment as has been completed by taking the sale consideration of plot at Rs. 9,39, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l consider the assessee's plea that the fair market value of the property is lower than the value adopted by the Stamp Valuation Authority. The assessee shall also submit the necessary documents supporting the claim." 4. Thereafter, the Assessing Officer referred the matter to the DVO who determined the fair market value of the property at Rs. 9,39,000/- as against the valuation made for the stamp duty purposes at Rs. 9,89,000/-. He, therefore, worked out the capital gain by adopting the fair market value of the property at Rs. 9,39,000/-. The same is sustained by the learned CIT(A). Hence, this appeal by the assessee. 5. At the time of hearing before us, it is stated by the learned counsel that the plot under consideration is not in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment of stamp duty in respect of such transfer, the value so adopted or assessed [or assessable] shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer. (2) Without prejudice to the provisions of sub-section (1), where-- (a) the assessee claims before any Assessing Officer that the value adopted or assessed [or assessable] by the stamp valuation authority under sub-section (1) exceeds the fair market value of the property as on the date of transfer; (b) the value so adopted or assessed [or assessable] by the stamp valuation authority under sub-section (1) has not been disputed in any appeal or revision or no reference has been made before any other au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d or accruing as a result of the transfer.]." 8. From the above, it is evident that this Section is a deeming provision wherein for the purpose of computing capital gain, the stamp duty valuation of a property is to be substituted against the actual consideration for the purpose of levy of capital gain under Section 48 of the Income-tax Act. However, as per sub-section (2), if the assessee claims before the Assessing Officer that the stamp duty valuation exceeds the fair market value of the property, then, the Assessing Officer is bound to refer the matter to the valuation officer. For this purpose, the provision of the Wealth Tax Act provided under Section 16A with regard to reference to the valuation officer has been made applicable. Sub ..... X X X X Extracts X X X X X X X X Extracts X X X X
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