9911796707
TMI Blog2016 (6) TMI 369X X X X Extracts X X X X X X X X Extracts X X X X ..... e learned Appellate Officer has erred in confirming with the AO the consideration mentioned in the two sale deeds amount to Rs. 81,13,000/-. 3. The learned Appellate Officer has erred in ignoring the submission, the order now passed by A.O. without referring it to Valuation Officer, is an invalid order. 4. The Appellate Officer has erred in determining the share of the appellant in the Long Term Capital Gain at Rs. 13,60,856. 5. The appellant prays that he may be permitted to raise additional grounds at the time of hearing of this appeal." 2. During the course of hearing, the ld. counsel for the assessee has invited our attention to the assessment order that the AO has noted from the ITS details that assessee has sold the immovab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the DVO in order to ascertain the fair market value of the property so that capital gain may be computed properly if arisen. The ld. counsel for the assessee further contended that in the interest of justice, the matter be restored to the AO with a direction to make reference to the DVO and adjudicate the issue in accordance with law in light of the assessee's contentions. 5. The ld. DR simply placed reliance on the order of the CIT(Appeals). 6. Having carefully examined the order of lower authorities, we find that undisputedly the assessee raised an objection to the valuation being adopted by the AO. Instead of making a reference to the DVO, the AO himself has adopted the value declared in the Sale Deeds without looking into the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant brother(s) and sister of appellant) will receive Rs. 25 lakhs. The property was sold for Rs. 45 lakh making agreement holder as one of the Vendors. (c) The Karnataka Government has conferred under Rule 7 of the Karnataka Stamp (constitution committee for Estimation of Properties) Rules, 1992 the right for determination of the estimated market value of the immovable properties coming under the jurisdiction of each sub Registry Offices of the State. These are called "Guide Line Value" and Sub Registrar is bound to follow "the same. There is no question determination of the market value on the date of transfer. The rates are given for square feet road wise and if there is no specific rates mentioned for ones property, the rate mentioned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d at 25/45 X 1/4 = 25/180 = 5/36 only based actual amount received" 3. The A.O has determined the market value of the land as 1.04.81 at Rs. 50 per square feet to determine the cost of sale. The value fixed is too low. It may be fixed at Rs. 100 per square feet, as prayed for. In the case of appellants father Sri D N Char the same has been determined at Rs. 79 sq feet. A copy of the order is enclosed. The said valuation IS also challenged in appeal before you. 4. Without prejudice to the contention the order passed is an invalid order, the net sale consideration to be accounted for the purpose of determination of the capital gain be taken at Rs. 45,07,222/-. The long term capital gain of appellant will work out to Rs. 730200/- as a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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