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TMI Blog2018 (8) TMI 969X X X X Extracts X X X X X X X X Extracts X X X X ..... uation Officer Meerut at Rs. 2178000/- against assessee sale price of Rs. 2000000/- but valued at Circle rate of Rs. 3485000/- adding Rs. 14,82,000/-under Section 50 C of Income Tax act , 1961 read with Section 16A (4) of the Wealth Tax Act 1961 before him as evidence and passed the order in arbitrary manner. 2. Because the learned CIT (Appeals) has erred in overlooking and in summarily rejecting the detailed statement of facts submitted along with memorandum of Appeal, Documents, and evidences while accepting the factually incorrect version of the learned assessing officer. 3. That the valuation as given by the Assistant Valuation Officer be accepted as sale price in the interest of Justice or the matter be referred back to assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property vide letter dated 7/3/2017 at Rs. 21.78 lacs. As the assessment was getting time barred the ld AO passed assessment order without waiting for the report of DVO taking the circle rate for stamp duty purposes as deemed sales consideration. 4. Meanwhile, the assessee-preferred appeal against the order of the Ld. Assessing Officer before the Ld. CIT (A) and during the course of the hearing, the assessee submitted that the difference in the market value is because of the condition of the property. The Ld. CIT (A) did not accept the argument of the assessee and confirmed the addition. Before the Ld. CIT(A), the assessee submitted that the Departmental Valuer has valued the property vide letter dated 7/3/2017 at Rs. 21.78 lakhs Only, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect to the difference in valuation adopted by the district valuation officer of Rs. 21.78 Lacs and the actual sale consideration of Rs. 20 lakhs is submitted that the differences very small and therefore same should be ignored. 6. The Ld. departmental representative also supported the orders of the lower authorities. 7. We have carefully considered the rival contention and the orders of the lower authorities. Admittedly, the assessee has sold a property at Rs. 20 lakhs whose circle rate for stamp duty purposes was Rs. 34.85 Lacs. Before the assessing officer, the government-approved valuer's report was submitted by the assessee of Shri Dr. S.N. Bansal who valued the property at Rs. 19.52 lakhs. The Ld. assessing officer was not satisfied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d or assessed by the Stamp valuation authority exceeds the fair market value of the property as on the date of the transfer then the Ld. assessing officer may refer the valuation of the capital asset to the valuation officer. Further where the valuation ascertained by the district valuation officer exceeds the value adopted or assessed by the stamp valuation authority then the valuation of the stamp duty authorities shall be considered as a deemed sale consideration. Further when the stamp duty value adopted by the Stamp duty authorities is more than the fair market value determined by the Department of valuation officer, than such valuation made by the departmental valuation officer is taken as the full value of consideration. The only dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 lakhs and the valuation made by the departmental valuation officer of Rs. 21.78 Lacs is nominal and therefore it should be ignored as the report of the district valuation officer is merely an opinion. We have carefully considered this argument however; it deserves to be rejected, as there is no such provision in section 50 C of the income tax act with respect to the difference between the value determined by the district valuation officer and the actual sale consideration. The provisions of section 50 C are amended w.e.f. 1/4/2019 only for ignoring the stamp valuation authority valuation if it does not exceed 105% of the consideration received. However, that applies only when comparing the stamp duty valuation with the actual sale conside ..... X X X X Extracts X X X X X X X X Extracts X X X X
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