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TMI Blog2017 (12) TMI 856X X X X Extracts X X X X X X X X Extracts X X X X ..... fic contentions is not correct. He should have directed the AO to refer the matter to valuation cell. In fact, the grounds raised are not addressed by CIT(A), even though he had considered the mandatory nature of Section 50C in his decision part. Thus it is fit and proper to remit the matter to AO for adjudicating denovo after making a reference to the DVO and after giving due opportunity to assessee and considering his objections. The issue in these grounds are accordingly set aside to the file of AO for adjudicating afresh as per facts and law. - Decided in favour of assessee for statistical purposes. - I.T.A. No. 1208/HYD/2016 - - - Dated:- 6-12-2017 - SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER For The Assessee : Shri K.A. Sai Pra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed evidencing my co-ownership 25% share in the property. The proportionate cost is claimed as expenditure. Sale consideration of ₹ 10,00,000 offered by me in the computation represents my share of consideration as reflected in the registered sale deed. The value adopted by the SRO is higher than the sale consideration received by me. The sole purpose of fixing the rates as per SRO is to collect stamp duty. These rates do not reflect the actual prevailing fair market value. These area-wise rates of SRO are adopted by fixing a uniform rate of land for the entire area/locality, which inherently disregards peculiar features of particular property. There can be wide variations in price of land in the same area due to different reasons. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer is justified in accordance with the provisions of section 50C. Hence all the grounds of appeal are dismissed . 4. Referring to the grounds raised before the Ld.CIT(A) and facts stated, it was the submission of the Ld. Counsel that Ld.CIT(A) got confused with admission of Long Term Capital Gain in survey and adoption of values u/s. 50C and wrongly opined that assessee had tried to evade taxes. These two issues are not connected. The dispute is with reference to the second property on which provisions of Section 50C was adopted. It was submitted that the reference to valuation officer is mandatory and if AO and CIT(A) failed to refer, in spite of assessee objecting before AO and raising specific grounds before CIT(A), the adoption ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the grounds raised are not addressed by CIT(A), even though he had considered the mandatory nature of Section 50C in his decision part. It was also submitted that no action was taken on the co-sharer who has sold the balance property. 7. The Co-ordinate Bench at Mumbai in the case of Rina Surendra Patel Vs. ITO in ITA No. 943/M/2012 dt. 03-07-2013 has considered the similar facts and held as under: 7. We have heard both the parties and perused the orders of the Revenue Authorities and the information filed before us. We find that the order of Assessment evidences the facts relating to the objections raised by the assessee with regard to the lower market value of the flat at Mira Road and para 6 of the assessment order is relevan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ilding to the departmental valuation officer. In the instant case, the Assessing Officer has not done so. In view of this factual position, it is deemed fit and proper to remit the matter to the file of the Assessing Officer for adjudication de novo after making a reference to the DVO, and completing the assessment on the basis of the valuation so received from the DVO. . 9. Respectfully following the above decisions, I am of the opinion that it is fit and proper to remit the matter to AO for adjudicating denovo after making a reference to the DVO and after giving due opportunity to assessee and considering his objections. The issue in these grounds are accordingly set aside to the file of AO for adjudicating afresh as per facts and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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