9911796707
TMI Blog2020 (12) TMI 1146X X X X Extracts X X X X X X X X Extracts X X X X ..... orted by the assessee, the Assessing Officer could have referred the issue for valuation of the sold capital asset to a Departmental Valuation Officer under the provision of section 50C(2) We restore this case to the file of the Assessing Officer for deciding the issue of long term capital gain earned on sale of the impugned land afresh after referring the matter to the departmental valuation officer. Therefore, this appeal of the assessee is allowed for statistical purposes. - ITA No. 625/Ahd/2018 - - - Dated:- 10-12-2020 - Shri Rajpal Yadav, Vice President And Shri Amarjit Singh, Accountant Member For the Assessee : Shri Tej Shah, A.R. For the Revenue : Shri Kamlesh Makwana, Sr. D.R. ORDER PER : AMARJIT SINGH, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... main road to approach the land. The assessee has also filed copies of documents related to criminal application filed in Gujarat High Court etc. On the basis of the detail filed, the assessee explained to the Assessing Officer that he was not in a position to physically, mentally and legally fight to solve the various legal issues and litigation pertaining to the said land. Under these circumstances, the said land was sold to the local person who has offered him the maximum amount of ₹ 38 lacs as purchase consideration. The Assessing Officer has not accepted the submission of the assessee stating that the land under consideration was situated within two kilometer from the local limit of municipality as per the letter received from Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... title of the land was not clear and there was a difficulty in obtaining the possession of the land and not providing of approach road etc. supported by copies of case filed before the Hon ble High Court of Gujarat by the other persons enclosed at page no. 7 to 18 of the paper book filed by the assessee. The detail of submission filed before the ld. Assessing Officer by the assessee is reported as under:- With reference to the above subject, I had received a show cause notice vide letter no. ACIT/CC-2(4)/M.J. Gandhi/2013-14 dated 24.03.2014, Regarding the profit on sale of agriculture land situated at Dehgaav for an amount of ₹ 38 lacs in which my share was 67% as per the sale deed. You had noticed that the value of the la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... minal application filed in Gujarat High Court, etc are enclosed herewith for your consideration. We further submit that I am a businessman, living in Ahmedabad. Now the land was under litigation and I am not in position to physically, mentally and legally fight with the opponent person to solve this issue. Therefore, I have decided to come out from this problem by disposing the said land at the best price available in the market. Hence, we approached to the interested parties and explained all the facts. The buyers of the said land are local persons and took the said matter on their own part and offered us the maximum amount of ₹ 38lacs as purchase consideration for the land. After considering our own position, we have decided to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e above facts/circumstances, we consider that the assessee has categorically brought to the notice of the Assessing Officer that the value adopted by the stamp valuation authority in his case exceed the fair market value of the property as on the date of transfer because the circumstances cited as supra in this order. Therefore, we consider that to verify the facts reported by the assessee, the Assessing Officer could have referred the issue for valuation of the sold capital asset to a Departmental Valuation Officer under the provision of section 50C(2) of the Act. In the light of the above of facts and circumstances, we restore this case to the file of the Assessing Officer for deciding the issue of long term capital gain earned on sale of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
