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TMI Blog2022 (12) TMI 1094X X X X Extracts X X X X X X X X Extracts X X X X ..... assessable for the purpose of stamp duty, as said the provision has been inserted in the section 50C with effect from 01/10/2009, and applicable from A.Y.2010-11. Tribunal has rightly observed that once valid reference to the valuation officer is made under section 50(C)(2) of the Act, assessing officer is not empowered to reject the report of the valuation officer. This finding of the Tribunal is supported by the decision of coordinate bench in the case Ravjibhai Nagjibhai Thesia [ 2016 (9) TMI 645 - GUJARAT HIGH COURT] Therefore, we could not find any error in the findings of the Tribunal that the A.O. is not justified in adopting the value other than as adopted by the stamp duty authority. No substantial question of law. - R/TA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amp duty payment and could not be extended to applicability of Sec.50C of the Income Tax Act,1961. Therefore, the Assessing Officer to ascertain the fair market value, referred the matter to the Department Valuation Officer s (DVO). He, however rejected the DVO s report, on the ground that the sale instance of A.Y.2008-09 were considered when the old Jantri rates were prevalent. The Assessing Officer therefore taking into consideration Jantri rates prevalent after 01/04/2008 made an addition of Rs.3,72,57,828/- u/s.50C of the IT Act. 3. Aggrieved by the order of the Assessing Officer, the assessee preferred an appeal before the Commissioner of Income-Tax (Appeals) ( CIT(A) for short). The CIT(A), allowed the appeal of the assessee, by h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he immovable property? (C) Whether on the facts and circumstances of case and in law, the Hon ble Appellate Tribunal is justified in ignoring the facts brought on record by the AO that the immunity scheme brought by the state Government of lower valuation stamp valuation to people who had purchased stamp papers before 31.03.2008 and made registration after 01.04.2008 is limited to stamp duty payment and cannot be extended to the applicability of Section 50C of the IT Act? (D) Whether on the facts and circumstances of case and in law, the Hon ble Appellate Tribunal is justified in upholding the decision of ld CIT(A) for deleting the addition of Rs.3,72,57,828/- u/s 50C of the Act made by the Assessing Officer without appreciati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pinion, this exercise is to be made by the AO Stamp Duty Authorities and not by the AO, The AO therefore, not justified to adopt the value other than as adopted by the Stamp Duty Authorities. As per the provision of section 50C only assessed value by the Stamp Duty Authorities is to be considered for the purpose of sale consideration of property if the consideration shown in agreement to sale. In doing so, less than the Stamp Duty Authorities valuation. In view of these facts and circumstances, and respectfully following the decision of co-ordinate Bench (supra) we do not find any fault or infirmity in the order of ld.CIT(A), fair same is upheld. Consequently, appeal of the revenue is dismissed. 7. It is noticed that the assessee had e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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