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TMI Blog2018 (10) TMI 1893X X X X Extracts X X X X X X X X Extracts X X X X ..... rned income. Since the DVO value of ₹.48.99 crores is more than the sale consideration of ₹.32 crores, we set aside the order of the ld. CIT(A) and direct the Assessing Officer to adopt the DVO value of ₹.48.99 crores as sale consideration for the purpose of computation of long term capital gain. Thus, the ground raised by the Revenue is allowed. - ITA No.1988/Chny/2018 - - - Dated:- 31-10-2018 - Shri Abraham P. George And Shri Duvvuru RL Reddy, JJ. Appellant by : Shri AR.V. Sreenivasan, JCIT Respondent by : None ORDER Shri Duvvuru RL Reddy, J. This appeal filed by the Revenue is directed against the order of the Commissioner of Income Tax (Appeals) 14, Chennai dated 26.03.2018 relevant to the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... observed that as per the provisions of section 50C of the Act, when the admitted sale consideration is less than the guideline value of the property adopted by the Stamp Value Authority, guideline value of the property is to be adopted as the sale consideration for the purpose of computing long term capital gain. As there was wide variation between the sale value and guideline value, the case was referred to Valuation Cell for valuation of the property on 08.03.2016. Pending receipt of valuation report, the Assessing Officer adopted the 50C guideline value as sale consideration for working out the long term capital gain and determined the long term capital gain of the assessee at ₹.2,33,83,580/- and brought to tax. 3. The assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. The total sale consideration as per the sale deed was ₹.52.66 crores. After claiming a deduction of ₹. 20.78 crores for settlement of encroachers, advocates, agents etc., totalling 64 persons, the land owner admitted to have received a net sale consideration of ₹. 31.88 crores and offered Long Term Capital Gain as per their individual share in the said property. In the assessment order, the Assessing officer adopted guideline value of the land at ₹.100.04 crores and assessed Long Term Capital Gain under section 50C of the Act. Although the property was referred by the Assessing Officer to the valuation cell, the valuation report was awaited at the time of completion of assessment. Subsequent to the assessment, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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