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TMI Blog2022 (3) TMI 216X X X X Extracts X X X X X X X X Extracts X X X X ..... third proviso to section 50C(1) of the Act, should be extended to the assessee, as, ultimately the value determined by the Stamp Valuation Authority has been substituted by DVO's valuation in terms of sub-section (3) of section 50C of the Act. Thus, in our considered opinion, the addition towards short term capital gain needs to be deleted. Accordingly, we delete the same. - ITA No. 2496/Del/2017 - - - Dated:- 22-2-2022 - SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER Appellant by : None Respondent by : Shri Sanjay Kumar, Sr.DR ORDER Per Saktijit Dey , JM This is an appeal by the assessee against the order dated 13.02.2017 of learned Commissioner of Income Tax (Appeals)-1, Gur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 15,45,172/-. The assessee having already offered short term capital gain of ₹ 3,08,972/-, the Assessing Officer made a net addition of ₹ 12,36,200/-. Contesting the aforesaid addition, the assessee preferred an appeal before learned Commissioner (Appeals). 4. Before the first appellate authority, the primary contention of the assessee was, though, she had objected to the value determined by the Stamp Valuation Authority, however, the Assessing Officer without referring the valuation to the Departmental Valuation Officer (DVO), has adopted the value determined by the Stamp Valuation Authority. On the direction of learned Commissioner (Appeals), the Assessing Officer made a reference to the DVO to determine the value of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,37,400/-. It is a fairly accepted position that valuation of asset involves some amount of guess work and estimation. Thus, keeping this fact in view and for removing hardship caused to the assessees because of adoption of stamp duty value as deemed sale consideration in terms of section 50C(1) of the Act where the difference is marginal, the legislature thought it appropriate to introduce third proviso to section 50C(1) of the Act, providing that, where the value determined by the Stamp Valuation Authority does not exceed 5% (at present 10%) of the declared sale consideration, in that eventuality, the declared sale consideration should be accepted. There are various judicial precedents, wherein, it has been held that the third proviso t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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