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TMI Blog2018 (7) TMI 580X X X X Extracts X X X X X X X X Extracts X X X X ..... before any authority, Court or the High Court, the Assessing Officer may refer the valuation of the capital assets to the Valuation Officer. In the instant case, we find that during the course of assessment proceedings, the assessee has specifically objected before the Assessing Officer that the valuation adopted by the stamp valuation authority exceeds the fair market value of the property and given the undisputed fact that the said valuation has not been disputed in any appeal or revision, the Assessing Officer is required to refer the matter to the Valuation Officer - remand the matter to the file of the Assessing Officer who shall determine the valuation of capital asset so transferred, after calling for the report from the valuati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ple reason that the subjected land could not have commanded such high rates, more particularly when the size of the plot is abnormal being 60 x 90 and not a popular suitable size. Finding a buyer for such size of plot was a different task and could not faced the sale price as per DLC rates. A big disadvantage attached with the plot was that the same was south facing which is completely against the vastu norms. It is a matter of common knowledge that now a day every buyer ensure and desire to purchase always a vastu compliant property and therefore, such (subjected) property are rated defective and commands much lesser prices. Moreover the locality was not popular with the builders/colonizers in the nearby area also the transaction was mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he property was determined by the registered valuer. The ld. CIT(A) however, confirmed the finding of the Assessing Officer and held that the value adopted by the AO is as per the value determined by the Sub-Registrar at ₹ 66,29,838/- which is in accordance with provisions of section 50C(1) of the Act. 5. During the course of hearing, the ld. AR reiterated the submissions made before the lower authorities and submitted that the assessee has specifically objected to the valuation as determined by the stamp duty authorities before the Assessing Officer and in terms of provisions of section 50C(2) of the Act, which are clearly attracted in the instant case, the Assessing Officer should have referred the matter to the DVO. It was submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed 86 shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer. Provided that where the date of the agreement fixing the amount of consideration and the date of registration for the transfer of the capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of computing full value of consideration for such transfer: Provided further that the first proviso shall apply only in a case where the amount of consideration, or a part thereof, has b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section (2) exceeds the value adopted or assessed 88 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. 8. In the instant case, it is undisputed fact that the sale consideration determined by the stamp duty authority is higher than the declared sale consideration as per the registered sale deed. It is also undisputed fact that neither the assessee nor the purchaser has disputed the stamp duty authority valuation by the stamp duty authority. However, it is also an accepted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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