9911796707
TMI Blog2012 (4) TMI 619X X X X Extracts X X X X X X X X Extracts X X X X ..... irected against the order dated 01.10.2009 of CIT(A) for the assessment year 2005-06. Though the assessee has raised several grounds of appeal, the only effective ground is regarding applicability of provisions of section 50C in case of lease hold property sold by the assessee. 2. The facts in brief are that the AO during the assessment proceedings had noted that the assessee had sold immovable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... completed the assessment adopting the stamp duty value. The AO also mentioned in the order that on receipt of valuation report, necessary rectification will be made in the order. 3. The assessee disputed the decision of AO and submitted before CIT(A) that the provisions of section 50C were not applicable as the assessee had assigned only the lease hold rights and there was no sale of any land ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Further, DVO valuation was subsequently found to be more than stamp duty valuation and, therefore, stamp duty valuation had to be adopted for computation of capital gain. CIT(A) accordingly confirmed the order of AO aggrieved by which assessee is in appeal before the Tribunal. 4. Before us, the ld. AR submitted that the assessee had only lease hold rights in the property and in such cases the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts had been made. The assessee had transferred the lease hold rights for the unexpired period of 65 years for a sum of ₹ 1.80 crores. The stamp duty authorities had valued the property at ₹ 3,45,62,500/-. The AO had adopted the stamp duty value for the purpose of computation of capital gain subject to the valuation by DVO who later valued the properties at ₹ 3.80 crores. The ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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