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TMI Blog2015 (4) TMI 475X X X X Extracts X X X X X X X X Extracts X X X X ..... e authorities below on this issue are hereby set aside and the additional ground raised by the assessee is restored back to the file of AO to decide the same in accordance with law - Matter remanded back - Decided in favour of assessee. - I.T.A. No. 2404/Ahd/2011 - - - Dated:- 19-3-2015 - Shri G.D. Agarwal And Shri Kul Bharat JJ For the Appellant : Shri Divyakant Parikh, AR For the Respondent : Shri M.K. Singh, Sr.DR ORDER Per Shri Kul Bharat, Judicial Member : This appeal by the Assessee is directed against the order of the Ld.Commissioner of Income Tax(Appeals)-I, Surat ( CIT(A) in short) dated 28/06/2011 pertaining to Assessment Year (AY) 2008-09. 2. At the outset, during the course of hearing, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o ₹ 9,76,210/- as against the Long Term Capital Loss (LTCL) amounting to ₹ 1,83,713/-. Against this, the assessee filed an appeal before the ld.CIT(A), who after considering the submissions, dismissed the appeal. Aggrieved by the order of the ld.CIT(A), the assessee is in appeal before us. 4. The ld.counsel for the assessee pointed out that in view of the provisions of section 50C(2) of the Act, the AO should have referred to the DVO for arriving at a fair market value of the property. He submitted that in the case of another joint-holder of the property; namely, Shri Nileshkumar H.Jariwala, the valuation was referred to the DVO and the DVO has arrived at a fair market value. He submitted that on the basis of the fair market ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... better appreciation of the submission of ld.counsel for the assessee. Section 50C(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 authority, Court or the High Court, the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer and where any such refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar ago, we are in the opinion that what we got amount @ 10,000/- per sq.mt. is true fair market value. Secondly, we are of the opinion to refer the case to the D.V.O., Surat to justify the case. There are cases of judgement of : New Kalindi Kamavati Co-Op. Housing Society Ltd. Vs. State of Gujarat Ors. 2006(2) Guj.L.R.Vol.XL VII(2). Dineshkumar Mittal Vs. ITO 193 ITR 770 (All.) Hindustan Motors Ltd. Vs. Members Appropriate Authority (2001) 249 ITR 424 (Mad.) K.R. Palanisamy Vs. UOI 306 ITR 61 (Mad.). In which the juntry value is a guideline not instrument to lay down on the assessee . 5.2. Therefore, in view of the provisions of section 50C(2) of the Act, we are of the considered view that the AO was not ju ..... X X X X Extracts X X X X X X X X Extracts X X X X
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