9911796707
TMI Blog2015 (4) TMI 475X X X X Extracts X X X X X X X X Extracts X X X X ..... s as under:- "Appellant craves leave to raise this additional ground of appeal before the Hon'ble ITAT as attached herewith. This ground is to refer the matter to DVO as against the adoption of stamp duty valuation u/s.50C by the appellant before the ld.AO in its letter dated 10/12/2010 (AO page 3 para 6). Thus the facts about such request made to the AO is on record. On identical facts in the caser of another joint holder (seller of said property alongwith appellant) namely Shri Nileshkumar H.Jariwala, the valuation is referred to the DVO and the DVO has arrived at fair market value as per copy attached. The ground has remained to be taken in the Memo of appeal inadvertently but is a legally allowable claim and is raised as such being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order of the authorities below. 5. We have heard the rival submissions, perused the material available on record and gone through the orders of the authorities below. We find that in the instant case, the AO has made addition on the basis of the difference in the value of the property declared by the assessee as sale consideration and adopted by the stamp valuation authority. The contention of the ld.counsel for the assessee is that in terms of the provisions of section 50C(1) of the Act, where the AO finds that the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed (or assessable) by any authority of a State Governme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. Explanation. : [1] For the purposes of this section, "Valuation Officer" shall have the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957). [Explanation 2 : For the purposes of this section, the expression "assessable" means the price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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