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TMI Blog2017 (12) TMI 742X X X X Extracts X X X X X X X X Extracts X X X X ..... dingly, we find no defect in the submissions of the counsel for the assessee Reliance placed on the decision of the ITAT in the case of Aditya Narain Verma [2017 (6) TMI 542 - ITAT DELHI ], all the grounds raised by the assessee are allowed and the remaining grounds of the assessee for the purpose of capital gain are also decided in favour of the assessee. - ITA No. 4510/DEL/2017 - - - Dated:- 29-11-2017 - SHRI B.P. JAIN, ACCOUNTANT MEMBER For The Assessee : Shri Salil Aggarwal, Adv Shri Shailesh Gupta, Adv For The Revenue : Shri Atiq Ahmed Sr. DR ORDER This appeal of the assessee arises from the order of the ld. CIT(A), Muzaffarnagar vide order dated 03.10.2016 for A.Y. 2008-09. 2. The assessee has raised as ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) Sec 50C(2)(a) further has a provision to make this claim before the Assessing Officer. In this regard we wish to bring in your kind notice that we have made it clear at the time of filing of income tax return. (c) while filing income tax return, it was clearly mentioned at Schedule CG point no. B sub point (3)(a) which specifies for computation of capital gain that property was under litigation fair market value has been taken. 4. It is also worth mentioning here that the said defects were existing at the time of transfer and perhaps till today. All the same facts were disclosed by me at the time of sale as mentioned in Line No. 2-4 of Page NO. 14 of sale deed No. 3396 dated 28.05.2007 and in Line no. 2-3 and 1 of page no. 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , but the same has been ignored. These two properties were purchased in March 2003 and accordingly property was sold at market rate as submitted by the assessee in his reply before the Assessing Officer as well as the ld. CIT(A). Provisions of Section 50C(2)(a) provides an option for the assessee of fair market value instead of valuation adopted for stamp purposes where stamp valuation exceeds the fair market value. On a bare reading of the provisions of the said section, it is evident that the alternative left with the Assessing Officer to refer the matter at the most to the valuation officer which has not been done and the property was in dispute and was the subject matter of litigation and therefore, the property has been sold at market ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t if under the provisions of the Act an authority is required to exercise powers or to do an act in a particular manner, then that power has to be exercised and the act has to be performed in that manner alone and not in any other manner. Similar view has been expressed buy the other decisions cited by the ld. counsel for the assessee in this regard hereinabove. The first appellate order on the issue is thus upheld. The grounds are accordingly rejected. 7. In that view of the matter, in the facts and circumstances of the case and reliance placed on the decision of the ITAT in the case of Aditya Narain Verma [supra], all the grounds raised by the assessee are allowed and the remaining grounds of the assessee for the purpose of capital ..... X X X X Extracts X X X X X X X X Extracts X X X X
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