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TMI Blog2015 (8) TMI 454X X X X Extracts X X X X X X X X Extracts X X X X ..... e appeal on the following grounds: 1. The CIT(A) erred in not considering the revised return filed prior to the date of receipt of assessment order. 2. The CIT(A) erred in not considering & admitting the revised return filed, as additional ground vide rule 46A(1)(a) & 46A(1)(c). 3. The CIT(A) erred in not considering the contents of affidavit filed. The assesse cannot be presumed to be aware of the date of passing the assessment order. 4. The CIT(A) erred in not appreciating valuation report valuing the property as on 01/04/1981 filed with the revised return. 5. That the orders of authorities below viz. CIT(A) & A.O. may kindly be set aside & the matter may kindly be restored back to the file of A.O. with necessary directions to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assesse was true and fair market value. It was submitted that purchaser had paid stamp duty at Rs. 18500/- per sq.mt. without their knowledge. It was submitted that case be referred to District Valuation Officer, Surat. Explanation was not accepted by Assessing Officer as submission that land had been sold at Rs. 5,000/- per sq.mt. one year ago was not supported by any evidence. As neither the seller i.e. assessee nor purchaser of property had made any representation or disputed the valuation adopted by the State Authority, the valuation was final and required to be adopted for Section 50C. In absence of any evidence that rates adopted were high, the request for reference to District Valuation Officer, was rejected. Assessing Officer applyi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Government for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed (or assessable) shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer. The ld.counsel for the assessee submitted that the AO adopted the full value of the consideration as adopted by the "stamp valuation authority". However, the AO failed to take note of the mandate of sub-section(2) of Section 50C of the Act. At this juncture, it would be appr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, 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 assessed, if it were referred to such authority for the purposes of the payment of stamp duty.]" 5.1. The ld.counsel for the assessee has drawn our attention towards para-6 of the assessment order in support of the contention that before the AO a request was made to refer the case to DVO for seeking his report on the fair market value of the property. Para-6 of the assessment order is reproduced hereinbelow:- "6. The reply of the assessee dated 10.12.2010 is reproduced as under:- "We just come to know that one open land in the same locali ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r was not justified in adopting value of property as adopted by Stamp Valuation Authority without referring to District Valuation Officer for ascertain fair market value of the property. Therefore, following the reasoning of Shri Nikunjkumar H. Jariwala, we set aside the order of authorities below on the issue and issue raised by way of additional ground by assesse is restored back to the file of Assessing Officer with direction to decide the same in accordance with law after providing due opportunity of being heard to assesse. 5. In result, assessee's appeal in case of Shri Ajay Hasmukhlal Jariwala is allowed for statistical purpose. 6. Now we take up ITA No. 180/Ahd/12 in case of Shri Dhanesh K. Jariwala HUF (one of the co-owner). Simil ..... X X X X Extracts X X X X X X X X Extracts X X X X
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