9911796707
TMI Blog2014 (2) TMI 834X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee sold a house property situated at A-02, Krishna Complex, Haridas Ji Ki Magri, Udaipur in which his share was 1/3rd only. There were two registries of face value of 20,00,000/- each on 27/03/2008. The registrar has adopted market value of one portion at Rs. 36,52,760/- in all in which assessee's share was 1/3rd. Similarly, the second property was valued for stamp duty purposes by the registrar at Rs. 80,94,606/-. The assessee's share was 1/3rd here too. As both the portions are situated at same place and included in one house the value adopted for stamp duty purposes by the registrar for property No. 2 has been challenged by the assessee. At the time of filing of return the assessee has voluntarily calculated long term capital gain o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /1993 as against the years mentioned and stated by the assessee and accordingly indexed cost of acquisition has been adopted for calculation of capital gains by him. Aggrieved by the order the assessee preferred appeal and the ld. CIT(A) has deleted the entire addition on the premise that the provisions of section 50C(1) of the Act would not apply for the purposes of computing long term capital gain because the A.O. has failed to refer the matter to the DVO and has ignore the provision of section 50C(2) of the Act. Now the revenue is aggrieved and has filed this appeal challenging the above deletion. 4. We have heard the submissions of the ld. D.R. and have carefully perused the entire material on record. From the records, it is found for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present case, it is an undeniable fact that the assessee had disputed the value adopted by the stamp duty authority, therefore, provisions of section 50C(1) are not applicable at the time of filing of return deduction or at the time assessment of income by the A.O. Further, he has not made reference to the DVO and this fact is also fatal to his action. The dispute regarding stamp duty was stated to be still pending and subject matter of litigation before the Jurisdictional High Court. While coming to the date of completion of the construction, the A.O. has adopted the date of permission granted as per sale deed. However, the assessee has mentioned that in the enclosed site map attached along with the sale deed, it is clearly mentioned t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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