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TMI Blog2018 (2) TMI 736X X X X Extracts X X X X X X X X Extracts X X X X ..... sent cases, report of the DVO is still awaited. While dealing with the property no.4, Narol, Ahmedabad the ld.CIT(A) has observed that the AO is directed to adopt value of the property on receipt of report from the DVO if the valuation is more than the value of the property declared and accepted by the AO. Now, how this type of direction can be made without confronting the assessee with report of the DVO ?. We are of the view that ends of justice will be met, if we set aside order of the CWT(A) and restore all these issues to the file of AO. AO shall provide copies of DVO’s report in case those reports are being relied upon by him for determination of net wealth - Appeals of the assessee are allowed for statistical purpose. - WTA. No. 25 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amount Valuation by assessee 1 604, P3 P2 At. Vejalpur 5261 27/09/93 81500 173354 2 44/16 P31, Vavdi Bujarg, Godhra 719.2 25/03/98 54000 84671 3 44/16, Vavdi Bujarg, Godhra 712.4 13/11/98 50000 73932 4 Agr. Land 7 At. Narol, Ahmedabad 11062 18/11/03 2725000 3054590 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fferent places. Since, the assets (land) is agricultural and hence outside the purview of wealth tax. 4.4. The A.O in his assessment order has determined the value by (i) Indexation method (ii) valuation by approved valuer (iii) Prevailing Jantri rate, whichever is higher. 4.5. The A.O has adopted the value for Property No.1 R.S.No.604 At Vejalpur, Tal. Kalol at ₹ 1,73,613/- whereas the appellant adopted as per Indexation cost of ₹ 1,73,354/-. Hence, there is difference of ₹ 259/- was added to net wealth of the appellant. The A.O is directed to delete the addition made on this count. 4.6. R.S.No44/16 P.31 R.S.No.44/16, Vavdi, Bujarg,Godhra, the AVO , Ahmedabad has determined the value of different land. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... till awaited. The A.O is directed to adopt the valuation of Property of R.S.7, Narol, Ahmedabad on receipt of the report from the AVO, if the valuation is more than the value of the property declared and accepted by the A.O. 4.9. The A.O has adopted the value of land 1/1 At Goli,Godhra at ₹ 5,75,244/-, whereas the appellant has shown it at ₹ 2,25,000/- and, thus, there was a difference of ₹ 3,50,244/-. The A.O has reported vide letter dated 16.01.2017 that report of AVO-1, Ahmedabad is still awaited. The A.O is directed to adopt the valuation of Property at 1/1 at Goli,Godhra on receipt of the report from the AVO, if the valuation is more than the jantri value of the property, then the same should be adopted. 5. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th- tax Act. The alleged jantri value is nothing but a corroborative piece of evidence notified by the stamp valuation authority for the purpose of charging stamp duty on registration of sale deed. In a way, it is a ready-made reckoner to determine rate in a particular area. But it is always subject to challenge even under the Income Tax Act which has been provided that value adopted for the purpose of stamp duty valuation could be deemed as full consideration on transfer of capital assets [Section 50C]. But sub-section 2 of section 50C provides a remedy to the assessee in case he has aggrieved with adoption of such sale consideration on the basis of deeming provision. He can file a reference to the AO and the AO shall send the reference to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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