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TMI Blog2018 (5) TMI 1723X X X X Extracts X X X X X X X X Extracts X X X X ..... grawal, Hon ble President And Shri Kuldip Singh, Judicial Member Revenue by : Sh. B. R. Mishra (Sr. DR) Assessee by : Sh. Salil Aggarwal (Adv.) Sh. Shailesh Gupta (CA) ORDER Per : Kuldip Singh, JM The appellant, Assistant Commissioner of Income-tax, Circle- 45(1), New Delhi. (hereinafter referred to as the revenue ) by filing the present appeal, sought to set aside the impugned order dated 01.10.2014 qua Assessment Year 2011-12 respectively passed by Ld. CIT(A)-XXIV, New Delhi on the grounds that:- 1. Ld. CIT(A) has erred in deleting addition which was made by the AO invoking section 50C of the Act wherein value adopted by the stamp valuation authority is deemed to be the full value of consideration if the con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Assessee requested the AO to refer the matter to the Valuation Officer to ascertain the fair market value of the property in question. The AO without referring the matter to the Valuation Officer made addition of ₹ 4,58,68,000/- (Rs. 14,83,68,000 - ₹ 10,25,00,000) on account of long term capital gain . 3. The Asseessee carried the matter before the Ld. CIT(A) by way of filing the appeal, who has deleted the addition made by the AO by accepting the appeal. Feeling aggrieved, the Revenue has come up before the Tribunal by way of filing the present appeal. 4. We have heard the Ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and order passed by the revenue authoriti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the value assessed by the stamp valuation authority exceeds the value adopted by the assessee Under section 50C of the Act. 7. To proceed further relevant provisions contained U/s 50C(2) are extracted for ready perusal as under:- (2) Without prejudice to the provision of sub-section (1), where- (a) The assessee claims before any Assessing Officer that the value adopted or assessed [or assessable] by the stamp valuation authority under sub-section (1) exceeds the fair market value of the property as on the date of transfer; (b) The value so adopted or assessed [or assessable] by the stamp valuation authority under sub-section (1) has not been disputed in any appeal or revision or no reference has been made before any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the Act and 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 along and not in any other manner. 10. In view of the provisions contained U/s 50C(2) of the Act and the order passed by Co-ordinate Bench in Aditya Narain Verma (Supra) case question framed is answered in favour of the assessee. The Ld. CIT(A) after relying upon decision rendered in the case of N. Menakshi v. Asstt. CIT [2010] 326 ITR 229 (Mad.) and B.N. Properties Holding (P.) Ltd. vs. Asstt. CIT [2010] 6 ITR (Trib.) 1 (Chennai) has rightly deleted the addition made by the AO. So, we find no illegality or perversity in the impugned order passed by Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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