9911796707
TMI Blog2015 (8) TMI 834X X X X Extracts X X X X X X X X Extracts X X X X ..... fact that the bungalow erected on the impugned land was demolished by the local authorities. Such facts lead to only one conclusion that the stamp duty valuation is not done considering these related factors. In our considered opinion, the matter should have been referred to the District Valuation Officer (DVO) to value the property after considering all the related facts in the impugned land. In the interest of justice and fair play, we therefore, restore this issue to the file of the Assessing Officer. The Assessing Officer is directed to refer the matter to the DVO mentioning the special character of the impugned property and decide the issue afresh after giving reasonable and fair opportunity of being heard to the assessee. - Decided in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the assessee and that the provisions of Section do not require the AO to conclude that the assessee has not declared full value of considerations. 3. The assessee is a non-resident individual, who filed his return of income electronically declaring total income at Rs. NIL. The return was selected for scrutiny assessment and, accordingly, statutory notices were issued and served upon the assessee. During the course of assessment proceedings, the Assessing Officer found that the assessee has sold immovable property known as CABECEIRA DE PRIMEIRO LANCO DE RAAIS OR PRAI LANCO admeasuring 1200 sq. mtr. situated at Betalbatim, described in the Land Registration Office of Salcete under No. 35121 of New Series, not enrolled in the Land Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecause of which the assessee had to sell the property for ₹ 20,00,000/-. After considering the facts and the submissions and taking a leaf out of a newspaper report, Ld. CIT(A) was convinced that no permanent structure of any kind can be erected on the impugned land. The Assessing Officer has not considered the circumstances relating to land and has mechanically applied the provisions of sec. 50C of the Act. Relying upon the decision of the Hon'ble Delhi High Court in the case of CIT Vs. Khoobsurat Resorts Pvt. Ltd. [2012 (11) TMI 590] which reads as under:- The Express provision of Section 50-C enabling the revenue to treat the value declared by an assessee for payment of stamp duty, cannot be a legitimate ground for concl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the stamp duty valuation is not done considering these related factors. In our considered opinion, the matter should have been referred to the District Valuation Officer (DVO) to value the property after considering all the related facts in the impugned land. In the interest of justice and fair play, we therefore, restore this issue to the file of the Assessing Officer. The Assessing Officer is directed to refer the matter to the DVO mentioning the special character of the impugned property and decide the issue afresh after giving reasonable and fair opportunity of being heard to the assessee. 8. In the result, appeal filed by the Revenue is treated as allowed for statistical purpose. (Order Pronounced in the open Court on 15.6.2015) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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