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TMI Blog2018 (7) TMI 581X X X X Extracts X X X X X X X X Extracts X X X X ..... stant case. There is no way, she would have ignored such a revision petition as brought to her knowledge by the assessee himself and referred the matter to the valuation officer u/s 50C(2) of the Act exercising her coterminus powers as that of the Assessing officer. Given that the value so adopted by the Collector (stamps) is subject to outcome of the revision petition filed before the Tax Board, Ajmer, the value finally assessed as so envisaged under section 50C shall therefore be subject to the outcome of the revision petition - remand the matter back to the file of the Assessing officer to take into consideration the decision of the Tax Board, Ajmer in respect of revision petition filed by the assessee and determine the valuation of the property for the purposes of calculating the capital gains, after providing reasonable opportunity to the assessee. - Decided in favour of assessee for statistical purposes. - ITA. No. 18/JP/2018 - - - Dated:- 6-7-2018 - SHRI VIJAY PAL RAO, JM AND SHRI VIKRAM SINGH YADAV, AM For The Assessee : Shri K. L. Moolchandani For The Revenue : Shri J. C. Kulhari (JCIT) ORDER PER: VIKRAM SINGH YADAV, A.M. This is an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... indings are contained at para 2.3 of her order which is reproduced as under:- 2.3 I have perused the facts of the case, the assessment order and the submissions of the appellant. The case was reopened as the assessee had sold an immovable property at Amer Road for a consideration of ₹ 15,85,000/- which had been subsequently enhanced to ₹ 32,80,689/- but no capital gain had been declared in the relevant return filed by the assessee. In response to notice u/s 148, the assessee filed a return in which a short term capital loss of ₹ 22,030/- was claimed from this property. It was further claimed during assessment proceedings that the assessee was a driver by profession and did not know about the DLC rate and the Registered valuer s report showing the acquisition of property at ₹ 15,76,030/- was also filed. The Assessing Officer applied the provisions of section 50C and after deducting the transfer expenses and cost of acquisition as claimed by the assessee arrived at a short term capital gain of ₹ 16,73,839/-. In the present proceedings, it is claimed that the market value of the property as enhanced by the Stamp valuation authority is n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... already filed appeal before Tax Board Ajmer, section 50C(2) benefit of reference to the valuation officer can not be granted. In this regard, it was submitted by the ld. AR that at the relevant point in time, the appellant did not file any appeal before the Tax Board as evident from the copy of the appeal filed which is placed in the paper book wherein the said appeal before the Tax Board, Ajmer was filed on 17.05.2016 well after the passing of the assessment order on 16.03.2015. It was submitted that during the course of assessment proceedings, no remedy was availed by the assessee in terms of disputing the valuation so adopted by the Collector (Stamp) by way of filing an appeal before the Tax Board, Ajmer. It was only after the rejection of the objections so made by the assessee during the course of assessment proceedings, the assessee had preferred such appeal before the Tax Board, Ajmer and it was accordingly submitted that the findings of the ld. CIT(A) is not correct as she has not taken into consideration the facts in the right respective. 5. The ld. DR is heard who has relied on the findings of the lower authorities. It was submitted that the provisions of section 50C a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sub-section (1) and sub-sections (6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. Explanation -For the purposes of this section, Valuation Officer shall have the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957). 8. Under section 50C(2), for reference of a matter regarding valuation of the capital asset to a Valuation Officer by the Assessing Officer, it is provided that firstly, the assessee has to make a claim before the Assessing Officer that the value adopted or assessed by the stamp valuation authority under sub-section (1) exceeds the fair market value of the property as on the date of transfer. The second requirement is that the value so adopted or assessed 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 other authority, court or the High Court. 9. I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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