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TMI Blog2017 (3) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... received or accruing as a result of such transfer. In view of this, the circle rates applicable on the date of the sale of property, shall be applied for working out of capital gain. Therefore we set aside the impugned orders of the lower authorities back to the file of the Ld. assessing officer to determine whether on the date of sale of the property, circle rates were in existence or not. If the circle rates are existing on that particular date, then the assessing officer must refer the matter to the valuation officer for valuation of the property at fair market value in terms of the provisions of section 50 C in terms of subsection (2) and then work out capital gain in accordance with that provision. That assessee may be given adequa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 18.07.2007. Ignoring this fact and evidence placed on record is unwarranted, not justified and against the facts and circumstances of the case. 4. The appellant craves leave to add /or to amend / or to delete / or to modify / or to alter any of the aforesaid grounds of appeal before or at the time of hearing of the case. 3. Appellant is an individual who filed her return of income on 22/09/2008 declaring an income of ₹ 1 549208/ . During the course of assessment proceedings it was found that assessee has sold 1/ 3rd share of the property of one and half storied built up property bearing municipal No. 9929 to 9935 built on freehold land admeasuring 3985 yd. situated at new Rohtak Road New Delhi and assessee was asked abo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the full circle value of the property at ₹ 4 135643/ and adopted 1/3rd of such sum at ₹ 1 378548/ as this deemed sale consideration and worked out capital gain of ₹ 1 310924/ of such property. Consequently, assessment under section 143 (3) of the income tax act was framed on 27. 12 2010 determining the total income of the assessee at ₹ 2 860132/ . Assessee being aggrieved with the order of the Ld. AO preferred an appeal before the Ld. CIT (A), who dismissed the appeal of the assessee. Therefore aggrieved with the order of the Ld. CIT A assessee is in appeal before us. 4. Ld. authorised representative submitted, same facts which were stated before the Ld. assessing officer that the property was with tenant an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the matter to the valuation cell for determining fair market value of the property and then working out capital gain liability of the assessee on transfer of such immovable property, in accordance with the law. The Ld. assessing officer should also have applied his mind about the fact that whether there was any circle rate prescribed by the respective authority at the time of sale of impugned property or not. If on the date of the sale of the property there were no circle rates than provisions of section 50 C cannot be applied to. This fact also has been overlooked by the Ld. assessing officer. The Ld. CIT A was also in error to hold that even in case where on the date of the sale of the property there were no circle rates notified, but i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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