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TMI Blog2013 (7) TMI 1093X X X X Extracts X X X X X X X X Extracts X X X X ..... capital gain. 2. The Ld CIT (A) failed to appreciate that (a) The Assessing Officer has erred in considering Stamp Duty Valuation u/s 50C without referring to the Valuation Officer u/s 50C(2). (b) The Assessing Officer has erred in assessing the capital gain for the AY 2007-2008 instead of AY 2009-2010. 3. Briefly stated relevant facts of the case are that the assessee is an individual and derives income from salary, capita gain and income from other sources. Assessee filed the return declaring the total income of ₹ 3,01,251/-. As a result of scrutiny u/s 143(3) of the Act, assessed income of the assessee was determined at ₹ 10,31,308/-. During the assessment proceedings, from the particulars filed before him, AO no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... grieved, assessee filed an appeal before the first appellate authority. 4. During the proceedings before the first appellate authority, assessee submitted that the market value of the flat is much lower than the value of the Stamp Duty Authority s valuation due to the disadvantages such as poor condition of the flat / building, water logging due to low level of the building qua the road levels. He further relied on number of decisions in favour of the proposal for making a reference to the Valuation Authorities for determination of the market value of the said flat. CIT (A) considered the same and rejected the assessee s objections by mentioning that assessee failed to invoke the provisions of section 50C(2) by making a specific request ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uest for referral to the DVO and objection for adopting the market value of ₹ 11.25 lacs without attending to the disadvantages narrated by the assessee before the authorities. CIT (A) instead of rectifying the said deficiencies in the order of the AO, he preferred to dismiss the assessee s objections by simply mentioning that the assessee failed to make a formal prayer for referral of the property to the DVO for want of market valuation. In our opinion, such decision is not proper considering the principles of natural justice and administration of justice to the appellant. Therefore, we find it relevant to accept the prayer of the assessee for setting aside the grounds raised before us to the files of the AO for fresh adjudication ..... X X X X Extracts X X X X X X X X Extracts X X X X
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