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TMI Blog2014 (3) TMI 62X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Commissioner of Income-tax (Appeals) has erred in upholding the denial of brought forward loss excluding depreciation. c) The Learned Commissioner of Income-tax (Appeals) has erred in not deciding on disallowances of donation of Rs.4600 made." 3. We have heard Mr.Navin Kumar Jain, ld. CA, on behalf of the assessee and Mr. Keyur Patel, ld. Sr. DR on behalf of the revenue. 4. On a careful consideration of rival contentions, we hold as follows:- 5. On Ground No.1, the facts as stated by the assessee are as follows:- "1. Nexus Clothing Co. is a partnership firm. Originally Mr. Sanjiv Makkar and Sharmila Makkar were partners. 2. Mr. Rohit and Mr. Manoj Jain joined partners in the year 2004-05 (Paper Book page 98-101) 3. Mr. Sanjiv Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mise and settlement deed executed among the parties (Paper Book Page 64-71). 14. On 20.12.2007 Sanjeev and Sharmila Makkar withdraws their objection with HSIDC and requests transfer of property on the basis of application filled on 09.11.2005 (Paper Book Page 26-27) 15. On 29.04.2008 compromise and settlement deed executed in the court of Civil Judge (Senior Division) Gurgaon (Paper Book Page 62-63) 16. Sale deed is executed on 11.06.2008 to rectify the defect. (Paper Book Page 76-84). 17. Rs.30 lacs of consideration mentioned in the sale deed do not pass between seller and buyer. In fact the seller makes Rs.30 lacs draft from his account gives to ex partners. (Paper book page 72-75). 18. These Rs.30 lacs draft are part of compromise d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the attributes of the property for determining the fair market value in the condition the property is a offered for sale and is purchased. He is required to value the property in accordance with the circle rates fixed by the Collector. The object of the valuation by the Stamp Valuation Authority is to secure revenue on such sale and not to determine the true, correct and fair market value on which it may be purchased by a willing purchaser subject to and taking into consideration its situation, condition and other attributes such as it occupation by tenant, any charge or legal encumbrances. 11. The question as to whether the assessee filed any objections before the Stamp Valuation Authority to dispute the valuation, or filed appeal or revi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act. If he does not accept the report, he has to record the reason for referring the matter to the DVO. The reasons in either case must have nexus with the objection/claim made by the assessee and the objection, which may be raised by the department against the valuation determined in the report of the approved valuer. 12. In the present case, we find that CIT (A) has correctly observed in his order that the provisions of Section 50 C (2) are essentially to be read in conjunction with the provisions of Section 50 C (1) of the Act. He also found that in the present case both ingredients of provisions of Section 50 C (2) are present, which made it necessary for the AO to refer the matter for valuation to DVO in accordance with provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation. The assessee submits that during the financial year 2005-06, there was only re-constitution of the partnership firm by way of admission of partners and that no partner had retired. During the financial year 2006-07, two partners had retired out of four partners. His claim is that carry forward of losses should be allowed to the extent the partners who are continuing. In our view, the assessee is correct in its claim. But as the factual position has not been considered by the Assessing Officer, we set aside this issue also to the file of the Assessing Officer for fresh disposal in accordance with the law. 10. Ground No.3 is on the issue of disallowance of donation of Rs. 4,600/-. In view of the smallness of the amount, the ld. Counse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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