9911796707
TMI Blog2021 (5) TMI 895X X X X Extracts X X X X X X X X Extracts X X X X ..... venue is treated as allowed for statistical purposes. - I.T.A.No.2072/Chny/2018 (Assessment Year: 2012-13) - - - Dated:- 28-4-2021 - SHRI MAHAVIR SINGH, VICE-PRESIDENT AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER Appellant by : Mr. Suresh Periasamy, JCIT Respondent by : None ORDER PER G.MANJUNATHA, AM: This appeal filed by the Revenue is directed against order of the learned CIT(A)-14, Chennai dated 26.03.2018 and pertains to assessment year 2012-13. 2. The Revenue has raised the following grounds of appeal:- 1. The order of the learned CIT(A) is contrary to law and facts and circumstances of the case. 2. The learned CIT(A) has erred In condoning the delay in filing appeal by the assessee of 134 days ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring 4 acres and 11 cents from 64 sellers for a sale consideration of ₹ 32 cores. However, it was noticed that guideline value as mentioned in the registered sale deed was at ₹ 100.04 crores. The assessee Shri G.Sampath was one of the sellers of the property and accordingly, assessment has been reopened u/s.147 of the Act. The case was taken up for scrutiny and during the course of assessment proceedings, it was noticed that sale consideration received for transfer of property is less than the value determined for payment of stamp duty and accordingly, the Assessing Officer has adopted 50C value and recomputed long term capital gain from sale of property at ₹ 2,62,02,032/- 4. Being aggrieved by the assessment order, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... direction to adopt value determined by DVO instead of value fixed for payment of stamp duty, as per provisions of section 50C of the Act. We find that the Tribunal in ITA No.1988/Chny/2018 in the case of ITO Vs. Shri Neelamanikandan(supra) has considered the issue and observed that DVO has determined the market value of the property as on the date of sale at ₹ 48.99 crores, which is more than the sale consideration of ₹ 32 crores shown in the registered sale deed, but less than guideline value of property at ₹ 100.04 crores as considered by the Assessing Officer under the provisions of section 50C of the Act. Further, under those facts, the Tribunal has set aside the order passed by the learned CIT(A) and restored the iss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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