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TMI Blog2010 (3) TMI 1164X X X X Extracts X X X X X X X X Extracts X X X X ..... This appeal by the assessee is directed against the order of the ld. CIT(A) dated 16.01.2009 pertaining to assessment year 2005-06. 2. The first ground raised reads as under:- That the long term capital as has been worked out by the AO at ₹ 6,22,803/- as against declared capital gain ₹ 1,41,678/-. The natural justice requires that if the sale consideration is adopted as pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onfirmed the AO s action. 2.3 We have heard both the counsels and perused the records. We find that Income Tax Act mandates for the purpose of computation of capital gain, deduction of cost of acquisition incurred by the assessee from the sale consideration. Admittedly in the case the cost of acquisition is ₹ 3,25,000/- paid by the assessee and not ₹ 7,52,000/-. Assessee s re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion which is much lower than the ₹ 9.89 lacs value adopted by the Stamp Duty Authority. Assessee has contended before the ld. CIT(A) that AO should have referred the immovable property for valuation by the Valuation Officer. However, ld. CIT(A) felt that AO had no occasion to make any reference as assessee has himself shown sale consideration as assessed by Stamp Duty Authority. 3.2 Aga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the AO. The AO shall consider the assessee s plea that the fair market value of the property is lower than the value adopted by the Stamp Valuation Authority. The assessee shall also submit the necessary documents supporting the claim. 4. In the result, the appeal filed by the assessee is partly allowed for statistical purposes. Order pronounced in the open court on 9/03/2010 - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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