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TMI Blog2018 (7) TMI 1479X X X X Extracts X X X X X X X X Extracts X X X X ..... s per sub-clause (2) to section 50C. The Assessing Officer as well as CIT(A) failed to consider the issue in a perspective manner. In our opinion, the Assessing Officer ought to have been referred the matter to the DVO to ascertain the correct value of the property. We set aside the order passed by the ld.CIT(A) on this issue and remand the issue back to the file of the Assessing Officer, who in turn refer the matter to the DVO to ascertain the correct value of the property and decide the issue denovo in accordance with law. Accordingly, this ground of appeal raised by the assessee is allowed for statistical purpose. - ITA No. 283/VIZ/2017 - - - Dated:- 20-7-2018 - SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI D.S. SUNDER SINGH, HON BLE AC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1961 (hereinafter referred to as 'Act') in the premises of M/s. Radha Krishna Jewel Paradise and M/s. VSR Jewelers, it is learnt that the assessee has not taken into consideration the provisions of section 50C while computing capital gains from the sale of property. In the sale deed vide document No. 944/2010, the sale consideration for the purpose of stamp duty was mentioned at ₹ 80,61,000/- as against sale consideration received by the assessee at ₹ 53,74,000/-. There is a difference of ₹ 26,87,000/- and therefore, the Assessing Officer has issued a notice under section 148 of the Act, which was served on the assessee. Before the Assessing Officer, it was submitted that the reopening of the impugned assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, perused the material available on record and orders of the authorities below. 8. The Assessing Officer has been recorded the reasons and vide letter dated 29/06/2018, the same has been communicated to the assessee. The reasons recorded are as under:- The assessee filed his return of income for the assessment year 2010-11 admitting total income of ₹ 4,13,117/-. The assessee admitted ₹ 6,95,134/- from capital gains from out of which an amount of ₹ 2,82,017/- was claimed as losses of current year set off against the gross total income and an amount of ₹ 4,13,117/- was arrived at as total income by the assessee. On verification of sale deed and other documents found during the course of survey operation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 944/2010 to M/s. Suraj Real Eastates, Vizianagaram. In the very same sale deed, the market value of the subject property was mentioned at ₹ 80,61,000/-. Therefore, the Assessing Officer has noted that as per the sale deed dated 23/02/2010, it is clearly mentioned that consideration value of ₹ 53,74,000/- and market value of ₹ 80,61,000/-. The assessee duly signed the sale deed, which is a registered document. As per section 50C of the Act, the value adopted by the Stamp Duty Authorities has to be considered for the purpose of computation of capital gains arising on transfer of land or building or both and called the assessee to explain why section 50C should not be invoked in this case. The assessee has submitted before th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ically assessed for stamp duty purpose at ₹ 80,61,000/- (Rs. 11.25 lakhs per acre). When such a specific assessment has been made and not challenged, a vague certificate giving information as to basic register value cannot be a ground to impeach the validity of the registered document. The plea that the buyer for unknown reason has adopted a higher value is also not acceptable as both the parties are signatory to the document. In view of the factual scenario, I do not find merit in the assessee s plea and found to be rightly rejected by the AO. 12. Being aggrieved by the order of the ld. CIT(A), the assessee carried the matter in appeal before this Tribunal. 13. Ld. counsel for the assessee has submitted that in the sale deed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of the property was mentioned at ₹ 80,61,000/-. When the Assessing Officer asked the assessee why the market value was mentioned at ₹ 80,61,000/-, it is submitted before the Assessing Officer that purchaser has enhanced the price and got it registered the sale deed, for which assessee is not concerned. The assessee also submitted a certificate issued by the Registration Authority dated 12/04/2007, wherein it has been mentioned that market value as per basic register from 18/01/2007 to 31/03/2010 is at ₹ 6,50,000/- per acre. The sale consideration received by the assessee is much more than the SRO s value, however, the Assessing Officer has not accepted the explanation given by the assessee and also not considered th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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