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TMI Blog2020 (8) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... he Ld. AO who had adopted the sale consideration of the immovable property sold by the assessee at Rs. 16,55,000/- as against the actual sale considered received by the assessee Rs. 7,56,250/- invoking the provisions of section 50C of the Act. (ii) The Ld.CIT (A) had erred in upholding the order of the Ld. AO who had denied the benefit of deduction U/s. 54F of the Act with respect to the investment made for the construction of her residential house for Rs. 27,50,000/-." 3. Brief facts of the case are that the assessee is an individual filed her return of income for the AY 2006-07 on 28/03/2007 declaring total income of Rs. 12, 83,434/- and agricultural income of Rs. 50,000/-. Initially, return of income was processed U/s. 143(1) of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... burden squarely lays on the revenue in this regard to establish that the sale was for an additional sale consideration not mentioned in the sale deed. It may also be stated that the Supreme Court in the case of CP Gautham Vs. Union of India 199 ITR 530 has held that the difference of market value and sale consideration actually received may vary upto 15% tolerance. 4. I had executed two sale Deeds in respect of undivided share of land al admeasuring 718.33 Sq. yards. Both Sale Deeds here executed by me in December 2005 in favour of Sri Jukku Satyanarayana Reddy, Sri Jukku Lakshminarayana Reddy and Sri Jukku Veeranarayana Reddy all sons of Sri Jukku Ranga Reddy. The first Sale Deed Document No.468 was made in respect of 359.16 sq. yards f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yat area also disclose lesser market value than the value for which stamp duty is paid. This had become a common factor for the land area for which no's of Sale Deeds came to be executed in the year 2005. We submit there was no further amount received over 'and above the value mentioned in the Sale Deeds. Correspondence of Advocate notices in the matter of litigation on the land are being obtained and they will be filed shortly. In the circumstances, we request you to accept the value mentioned in the Sale Deeds which was real value of land located at the above gram panachayat area." 4.1 However, the Ld. AO rejected the submission of the assessee by stating that, there was no scope to adopt the actual sale value received by her by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is defective then the market value of the immovable property will be considerably reduced. In this situation, it would have been appropriate on the part of the Ld. AO to obtain a valuation report from the Ld. DVO in accordance with the provisions of section 50C of the Act as the assessee has challenged the same before him and thereafter adopted the value determined by the Ld. DVO for the purpose of computing the capital gains in the hands of the assessee. However, the Ld. AO has failed to do so. In the present circumstances, I also do not find it appropriate to remit the matter back to the Ld. AO in order to obtain the valuation report from the Ld. DVO as it will cause great inconvenience to the assessee. Further, from the facts of the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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