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TMI Blog2016 (1) TMI 865X X X X Extracts X X X X X X X X Extracts X X X X ..... rights or the tenancy rights are different from the ownership of land or building itself. In view of the settled position on this issue, the section 50C is not applicable to the case in hand. Hence, the capital gains offered by the assessee by adopting the sale consideration actually received by him are to be taxed as such. We, therefore, do not find any justification on the part of the Ld. CIT(A) in adopting the value of the DVO. We accordingly direct the AO to tax the capital gains on the assessee by adopting the sale value of the property at ₹ 25 lakhs as offered by the assessee. - ITA No. 7231/M/2010 - - - Dated:- 30-11-2015 - G. S. Pannu, AM And Sanjay Garg, JM For the Appellant : Shri Mandar Vaidya, AR For the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amp duty upon the registration of the said deed adopting the value of the land and building at ₹ 77,33,000/-. The Assessing Officer (hereinafter referred to as the AO) applied the provisions of section 50C of the Act and adopted the value of the property as determined by the Stamp Duty Authorities and taxed the capital gains accordingly. 4. In appeal, the assessee requested to the Ld. CIT(A) that the matter be referred to the DVO for appropriate valuation of the property. Consequently, the matter was referred to the DVO. The DVO determined the value of the property at ₹ 53.94 lakhs. The Ld. CIT(A) adopted the value determined by the DVO and directed the AO to tax the capital gains accordingly. Being aggrieved, the assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cisions: 1. Kancast (P.) Ltd. vs. ITO - 2015 68 SOT 110 (Pune - Trib.) 2. M/s. Fordham Pressings (India) Pvt. Ltd. vs. DCIT [ITA No.6033/Mum/2010] decided on 25.04.2012 3. M/s. Heatex Products Pvt. Ltd. vs. ACIT [ITA No.8197/Mum/2010] decided on 24.07.2013 4. ITO vs. M/s. Pawaskar Shipping Trading Company Pvt. Ltd. [ITA No.872/Mum/2008] decided on 29.07.2011 In view of the settled position on this issue, the section 50C is not applicable to the case in hand. Hence, the capital gains offered by the assessee by adopting the sale consideration actually received by him are to be taxed as such. We, therefore, do not find any justification on the part of the Ld. CIT(A) in adopting the value of the DVO. We accordingly direct the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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