9911796707
TMI Blog2015 (6) TMI 481X X X X Extracts X X X X X X X X Extracts X X X X ..... uation Officer. When the assessee shows the sale consideration at ₹ 5,58,25,000/- in the sale deed, it would not be correct to say that the assessee did not object to the value adopted by the Assessing Officer at ₹ 9,73,58,800/-. In order to avoid dispute with registering authority and for early registration of the document, stamp duty might have been paid for the value determined by the registering authority. However, the actual sale consideration shown in the sale deed cannot be disregarded unless and until the valuation report obtained by the Assessing Officer as required under Section 50C. Therefore, this Tribunal is of the considered opinion that the matter needs to be referred to the Valuation Officer. - Decided in favour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Dated:- 15-5-2015 - SHRI N.R.S. GANESAN AND SHRI A. MOHAN ALANKAMONY, JJ. For The Assessee : Shri Manuel Thomas, CA For The Revenue : Dr. S. Moharana, CIT ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: Both assessee and Revenue have filed the appeals against the respective orders of the Commissioner of Income Tax (Appeals) for assessment year 2005-06. Since both are for the same assessment year, we heard both the appeals together and disposing of by this common order. 2. First, let s take assessee s appeal in I.T.A. No.409/Mds/2013. 3. Shri Manuel Thomas, the Ld. representative for the assessee, submitted that the assessee has sold two plots at Maraimalai Nagar, Kanchipuram District during the assessment year un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... doption of the value taken by the Sub-Registrar for registration of property. According to the Ld. D.R., the Sub-Registrar has taken the value of the property at ₹ 9,73,58,800/-. However, the sale consideration shown in the sale deed is only at ₹ 5,58,25,000/-. Since the value taken by the Sub-Registrar for valuation of the property is more than the consideration disclosed in the sale deed, according to the Ld. D.R., the Assessing Officer has rightly adopted the value taken by the Sub-Registrar at ₹ 9,73,58,800/- for the purpose of capital gains under Section 50C of the Act. Therefore, there is no infirmity in the orders of the lower authorities. 5. We have considered the rival submissions on either side and perused the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il the valuation report obtained by the Assessing Officer as required under Section 50C of the Act. Therefore, this Tribunal is of the considered opinion that the matter needs to be referred to the Valuation Officer. Accordingly, we set aside the orders of the lower authorities and the Assessing Officer is directed to refer the matter to Valuation Officer. Accordingly, the matter is remitted back to the file of the Assessing Officer. The Assessing Officer shall reconsider the issue in the light of the report that would be received from the Valuation Officer and thereafter, decide the same in accordance with law after giving reasonable opportunity to the assessee. 7. The next ground of appeal is with regard to allowability of TDS to the e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l is of the considered opinion that the Assessing Officer shall reconsider the issue after verifying the TDS certificates that were said to be filed by the assessee. Accordingly, the matter is remitted back to the file of the Assessing Officer. The Assessing Officer shall verify all the TDS certificates filed by the assessee and give credit in respect of the tax deducted at source. 11. Now coming to the Revenue s appeal, the only issue arises for consideration is assessability of surplus on the sale of land. 12. Dr. S. Moharana, the Ld. D.R. submitted that the Assessing Officer reopened the assessment by issuing notice under Section 148 of the Act. According to the Ld. D.R., the assessee claims the profit on sale of the land under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. The assessee also filed appeal before the CIT(Appeals) against the order of the original assessment. During the pendency of disposal of the appeal, the Assessing Officer reopened the assessment by issuing notice under Section 148 and treated the profit on sale of the land as business income. The CIT(Appeals), by following his own order for assessment year 2004-05 in the assessee's own case, directed the Assessing Officer to treat the profit on sale of the lands as capital gain. The Tribunal also confirmed the order of the CIT(Appeals) for assessment year 2004-05 to assesse the surplus on the sale of the lands under the head capital gains . The only objection of the Revenue before this Tribunal is that an appeal was filed against th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
