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TMI Blog2016 (12) TMI 950X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the Plot. The assessee's request to convert the land to commercial was declined by JDA. Thus the location of the plot was capable to be utilized for commercial purposes but legally the plot was not commercial. This is also a fact that there is a difference in market value of the authorized commercial property and illegally used for commercial purposes. This fact has not been taken into consideration while arriving at the fair market value of the plot on the date of transfer for the purpose of provisions of Section 50C of the Act. Therefore, in the interest of justice and equity, the issue is restored to the file of the AO to decide it afresh after ascertaining the fair market value of the property with due weightage given to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tamp duty authorities who had made the upward revision of the stamp duty valuation of the property treating the same as commercial property against residential property declared by the assessee and accepted by the Sub- Registrar while registering the sale deed. No any other material was brought on record to justify the market value or no independent enquiries were conducted. 2.1 The facts on the issue in question as emerges from the order of the ld. CIT(A) is reproduced as under:- 3.1.2 Determination (i) I have carefully perused the submissions of the assessee, the remand report submitted by the AO and the rejoinder to the remand report. The only dispute in this case is regarding the valuation of the property sold by the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see, the said property was shown as residential in Master Development Plan, 2011. The assessee prayed for the admission of the above letter as additional evidence. The AO in his remand report objected to the admission of the above additional evidence as the same was not produced before him. It would be relevant to mention here in brief some of the judicial pronouncements for admission of additional evidence as under: M/s Nisraj Real Estate Export Pvt. Ltd., Sikar vs. ACIT 42 Tax World 121 ITAT (Jaipur) Whether CIT(A) can admit additional evidence for disposal of appeal on merits?- Held yes, since powers of first appellate authority are very wide and co-terminus with those of the AO in as much as sub-rule(4) of rule 46A(1) and (2) em ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y in admitting the additional evidence. It is settled in law that when a statutory authority has the powers to do something, then it has a corresponding duty to exercise such powers whenever circumstances warranting exercise of such powers exit. The case before us, in our considered view, was a fit case where the CIT(A) should have exercised his powers to make further inquiries. We, therefore, see no legal infirmity in CIT(A) s processing on merits of the claim and admitting necessary additional evidence for that purpose. We also find support from the view taken by a co-ordinate Bench of this Tribunal in the case of Electra (Jaipur) (P) Ltd., (Supra) In view of the above judicial pronouncements, the letter dated 29.03.2014 of JDA is ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee of a capital asset, being land or building or both, is less than the value adopted or assessed[or assessable] by any authority of a State Government [hereafter in this section referred to as the stamp valuation authority ] for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed [or assessable] shall, for the purposes of section 48. be deemed to be the full value of the consideration received or accruing as a result of such transfer. [2] Without prejudice to the provisions of sub-section [1 ], where - (a) the assessee claims before any Assessing Officer that the value adopted or assessed [or assessable] by the stamp valuation authority under sub-section [1] exceeds the fair marke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r sub-section (2) exceeds the value adopted or assessed [or assessable] by the stamp valuation authority referred to in sub-section (1), the value so adopted or assessed [or assessable] by such authority shall be taken as the full value of the consideration received or accruing as a result of transfer]. (v) In view of the above discussion and provisions of section 50C of the Act, it is held that the AO has rightly taken the sale consideration at ₹ 84,75,000/- u/s 50C of the IT Act and thus he has rightly made addition of ₹ 49,75,000/- on account of Long Term Capital Gains to the income of the assessee. Thus, this ground of appeal is hereby rejected. 4. In the result, the appeal is dismissed. 2.2 During the course of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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