9911796707
TMI Blog2024 (1) TMI 553X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration. Accordingly, if the sale consideration shown by the assessee itself is equal to or less than the value fixed by the stamp valuation authority, the value shown by the assessee is to be adopted as the full value of consideration Viewing from this angle, we hold that there is absolutely no need for the ld. AO to refer the valuation of the land to ld. DVO u/s 55A of the Act. We hold that the reference made per se thereon is illegal and against the provisions of section 50C of the Act which is a specific provision. Hence we hold that the sale consideration value adopted by the ld. AO by relying on ld. DVO report at Rs. 3,56,93,000/- is patently illegal. The ld. AO is directed to adopt the sale consideration figure at Rs. 2,20,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by Ld. Assistant Commissioner of Income Tax, Central 20(1), New Delhi (hereinafter referred to as the Ld. AO ) u/s 143(3) of the Income Tax Act (hereinafter referred to as the Act ) on 30/12/2011 for the Assessment Year 2009-10. 2. The Ground No. 3 raised by the assessee was stated to be not pressed by the ld. AR before us. The same is reckoned as a statement made from the Bar and accordingly Ground No. 3 is hereby dismissed as not pressed. 3. With regard to the other remaining grounds, the only effective issue to be decided is as to whether the ld. CIT(A) was justified in confirming the addition made on account of long term capital gains (LTCG) on sale of property by adopting the value adopted by the Departmental Valuation Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... self is equal to or less than the value fixed by the stamp valuation authority, the value shown by the assessee is to be adopted as the full value of consideration. Viewing from this angle, we hold that there is absolutely no need for the ld. AO to refer the valuation of the land to ld. DVO u/s 55A of the Act. We hold that the reference made per se thereon is illegal and against the provisions of section 50C of the Act which is a specific provision. Hence we hold that the sale consideration value adopted by the ld. AO by relying on ld. DVO report at Rs. 3,56,93,000/- is patently illegal. The ld. AO is directed to adopt the sale consideration figure at Rs. 2,20,00,000/- only. 5. With regard to purchase cost of land, the assessee adopted t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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