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TMI Blog2017 (12) TMI 1043X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn of income and paid the taxes. Then there is no scope for reduction. He has also not agitated this valuation before the ld. CIT(A) in any of his grounds of appeal. Only plea was to adopt the value at ₹ 52,40,700/- in place of ₹ 1,56,95,100/-, therefore, we find no merit in this plea of the ld AR of the assessee. After considering all the aspects of the matter, we sustain the order of the ld. CIT(A). - ITA No. 331/JP/2015 And ITA No. 325/JP/2015 - - - Dated:- 17-11-2017 - SHRI VIJAY PAL RAO, JM AND SHRI BHAGCHAND, AM For The Assessee : Shri Mahendra Gargieya ( Adv ) For The Revenue : Shri P . R . Meena ( Addl . CIT ) ORDER PER : BHAGCHAND, A . M . Both these appeals are the cross appeals, one by the assessee and another by the revenue emanates from the order of the ld. CIT(A)- Ajmer dated 29/01/2015 for the A.Y. 2010-11. 2. The brief facts of the case are that the assessee had sold a land admeasuring 13068 Sq.ft. bearing Khasra No. 1834 situated at Thok Teliya, Ajmer on 06/01/2010. The declared consideration was ₹ 8.00 lacs. The Sub-registrar-cum-Stamp Duty Authority adopted the value of land at ₹ 52 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred in law as well as on the facts of the case in not considering the estimated market value of the subjected property at Rs . 24,18,000 /- or Rs . 29,83,500 /- estimated by the Registered Valuer Departmental Valuation Officer ( DVO ) respectively for the purpose of sec . 45 r / w sec . 50C so as to compute the legally correct amount of the sale consideration and consequently to compute the correct amount of the resultant capital gain there from . The decision of the Id . CIT ( A ) to consider the deemed sale consideration at Rs . 52,42,700 /- for the purpose of sec . 45 r / w sec . 50C and thereby consequently confirming the amount of capital gain higher by the amount of Rs . 16 lacs approx . , being totally contrary to the provisions of law and facts on the record, the sale consideration estimated at the lowest by the Registered Valuer be directed to be taken . ( iii ) Rs . 16,00,000 /-: The Id . CIT ( A ) further erred in law as well as on the facts of the case in rejecting the claim made by the assessee of adopting the lowest estimation of the sale consideration at Rs . 24,18,000 /- made by the regi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... smissed. 7. In the grounds No. 2 and 3 of the assessee s appeal, the only issue involved is challenging the value adopted by the ld. CIT(A). The assessee has also submitted modified ground wherein the figure of ₹ 16.00 lacs appearing in grounds No. 2 and 3 is requested to be replaced by the figures of ₹ 28,22,700/-. Being this is a factual error, the Bench allow to modify the ground to that extent. IN revenue s appeal ground No. 1 is against deleting the addition of ₹ 1,04,54,400/-. 8. The ld. CIT(A) has decided this issue by allowing part relief to the assessee by holding as under: 3 . 3 I have considered the contention of the appellant as well as the assessment order, valuation report, comments of the AO thereon and comments of the Valuation Officer vide letter dated 27 . 01 . 2015 . It is seen that assessee had sold the land measuring 1368 Sq . Ft . bearing Khasra No . 1834 on 06 . 01 . 2010 for Rs . 8 lacs to Shri Rajkumar Kulshresth . The said property was valued at Rs . 52,40,700 /- by Sub - Registrar Ajmer for stamp duty purposes . Later on, Collector ( Stamps ) enhanced the value of the said property a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 of 1957 ). ( 3 ) Subject to the provisions contained in sub - section ( 2 ) , where the value ascertained under sub - section ( 2 ) exceeds the value adopted or assessed by the stamp valuation authority referred to in sub - section ( 1 ) , the value so adopted or assessed by such authority shall be taken as the full value of the consideration received or accruing as a result of the transfer . As such, where the assessee disputes the value adopted by Stamp Valuation Authority and no appeal, revisions or reference has been filed by the assessee before any other authority, Court or High Court, the AO may refer the valuation of the capital asset to the Valuation Officer for determining fair market value and the provisions of Sec . 50C ( 2 ) 50C ( 3 ) are applicable in the case of the appellant . In the present case, the Departmental Valuation Officer has determined the fair market value of the property at Rs . 29,83,500 /- and has mentioned that the Collector ( Stamps ) has considered the property as commercial property and adopted the value of Rs . 1,56,95,100 /-. The said property cannot be considered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal of the assessee is not a justified claimed. He himself has adopted the value for working out the capital gain at ₹ 52,40,700/-. Only enhancement was challenged before the ld. CIT(A). At the stage of CIT(A), the matter was referred the matter to the District Valuation Officer, who has valued it around ₹ 29,83,500/-. Now the assessee s AR claims that this value should be substituted for the value declared by him in his return of income. On this issue, we are of the view that once the assessee has himself has offered the value adopted by the Registering Officer at ₹ 52,40,700/- and filed the return of income and paid the taxes. Then there is no scope for reduction. He has also not agitated this valuation before the ld. CIT(A) in any of his grounds of appeal. Only plea was to adopt the value at ₹ 52,40,700/- in place of ₹ 1,56,95,100/-, therefore, we find no merit in this plea of the ld AR of the assessee. After considering all the aspects of the matter, we sustain the order of the ld. CIT(A). 10. In the result, both the appeals i.e. appeal of the assessee as well as appeal of the revenue stand dismissed. Order pronounced in the open court on 17 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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