9911796707
TMI Blog2019 (9) TMI 339X X X X Extracts X X X X X X X X Extracts X X X X ..... .8 of the ITAT Rules, 1963, they are descriptive and argumentative in nature. In brief, grievance of the assessee relates to determination of capital gain assessable in his hands on account of sale of property. 3. The brief facts of the case are that the assessee has filed his return of income on 29/03/2011 declaring total income at Rs. 2,74,356/-. The case of the assessee was selected for scrutiny assessment and a notice u/s.143(2) of the Act was issued and served upon the assessee. The assessee had acquired a land and building at Darjipura, Dist.Baroda in AY 2005-06 for an alleged consideration of Rs. 16,66.259/-. He entered into an agreement for sale of this property on 12/10/2008 with S/Shri Bhavik B.Trivedi, Milind V. Varavadekar and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this contention of the assessee. He took the full sale consideration at Rs. 76,45,700/- and after debiting Indexation cost, determined the capital gain assessable in the hands of assessee at Rs. 59,79,441/-. 5. Appeal to the CIT(A), did not bring any relief to the assessee. 6. Before us, ld.counsel for the assessee submitted that assessee has filed an application for permission to lead additional evidence. He submitted while determining the capital gain assessable in the hands of confirming parties, this property was referred to the District Valuation Officer (DVO) for determination of fair market value, who has determined that value at Rs. 52,56,245/- and in view of this development it is incorrect at the end of revenue to take the sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roperty was adopted for the purpose of payment of stamp duty. 10. Sub-section (2) of section 50C further contemplates that in case assessee alleges that stamp duty valuation authority under sub-section (1) exceeds the fair market value of the property as on the date of transfer, then the Assessing Officer may refer the valuation of the capital asset to the Valuation Officer. 11. In the present case, following two factors have been pointed out to us. (i) That in the hands of confirming party exercise u/s.50C(2) has been carried out and the DVO has determined the value of the property at Rs. 52,62,245/-. In this situation, full consideration required to be deemed u/s.50C for the purposes of section 48 of the Act cannot exceed this amount. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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