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TMI Blog2021 (2) TMI 855X X X X Extracts X X X X X X X X Extracts X X X X ..... ances of the case the action of the Ld. A.O is unjustified, we therefore set aside the finding of Ld. CIT(A) and delete the disallowance of brokerage expenses. Addition u/s 50C - difference between the actual sale consideration received and the valuation done by the DVO - HELD THAT:- Property being leased and also disputed, which is not commanding the guideline rate in the open market and this fact is further supported by the report of DVO who has valued the property in question much lower than the guideline rate are sufficient enough to prove that the claim of assessee having received the sale consideration at ₹ 1.20 crore is correct and thus making the addition for ₹ 14,11,600/- u/s 50C of the Act is uncalled for. We ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng income from Long Term Capital Gain. Assessee filed his return of income on 30.11.2015 u/s 139(1) declaring total income of ₹ 61,37,400/-. The case was selected for limited scrutiny by CASS. Notice u/s 143(2) and 142(1) served upon the assessee. Assessment u/s 143(3) of the Act was completed at total income of ₹ 79,09,900/- after making addition u/s 50C at ₹ 14,11,600/- and Disallowance of brokerage expenses at ₹ 3,60,000/-. 4. Aggrieved assessee preferred appeal before Ld. CIT(A) and partly succeeded. 5. Now the assessee is in appeal before the Tribunal. 6. We have heard rival contentions and perused the records placed before us and carefully gone through the submissions made by both the authorities and p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be a disputed property. The guideline value of the same was ₹ 1,80,00,000/-. Assessee challenged this valuation contending that the fair market value of the property is much less and provision of Section 50C of the Act are not applicable on leased property. Ld. A.O referred the valuation to the Departmental Valuation Officer (In short DVO ), who valued the property at ₹ 1,34,11,600/- as against the guideline rate of ₹ 1,80,00,000/-. The difference between the actual sale consideration received and the valuation done by the DVO is 11.6%. This difference amounting to ₹ 14,11,600/- was added to the income of the assessee u/s 50C of the Act by the Ld. A.O and subsequently was confirmed by Ld. CIT(A) also. 9. From t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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