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TMI Blog2024 (11) TMI 307X X X X Extracts X X X X X X X X Extracts X X X X ..... as not issued any show cause notice to the assessee for adopting the full valuation consideration u/s 50C(1) of the Act and hence, it appears that the assessee was not given an opportunity before adopting the full valuation consideration as per Section 50C(1) and consequent addition by the A.O on account of Long Term Capital Gain arising from sale of land in question. Though the assessee challenged the order before the CIT(A) however, still the assessee did not raise any specific ground regarding full valuation consideration or allowing the cost of acquisition or exemption u/s 54B. So far as assessing the entire sale consideration u/s 50C(1) of the Act is concerned the A.O is not justified in making the addition of the entire sale considera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estion as well as the fair market value in terms of Section 50C(2) of the Act. The assessee has also raised the claim of exemption u/s 54B of the Act which is also required to be verified and adjudicated by the A.O after giving an opportunity of hearing to the assessee. Assessee appeal allowed for statistical purpose. - Shri Vijay Pal Rao, Judicial Member For the Assessee : S/Shri Ashish Goyal N.D. Patwa, ARs For the Revenue : Shri Ashish Porwal, Sr. DR ORDER PER VIJAY PAL RAO, JM: These 3 appeals by the three individual assessee(s) who were the co-owners of land in question are directed against three separate orders dated 27.06.2023, 29.05.2023 and 05.04.2024 of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centers,( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No.42, Rajaswa Mandal 03, Khasra No. 75,76/2, Vikas Khand Phanda, Tehsil Huzur, Bhopal for a consideration of Rs. 30 lakhs but the market value of the same as per the stamp duty valuation is Rs. 1,45,74,000/-. The A.O issued notice u/s 148 of the Act on 28.03.2017. Before the A.O the assessee contended that the land in question was sold during the Financial Year 2005- 06 to one Mr. Arvind Barjatiya, S/o Mr. Gulabchand Barjatiya resident of E-3/162, Arera Colony, Bhopal, Madhya Pradesh vide agreement to sale and thereafter the sale deed was executed in favour of one Mr. Rahul Shukla through the GPA holder Shri A.S. Awasthi. It was further contended that the land was sold by the farmers during the assessment year 2006-07 and therefore, the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ansfer in the Financial Year 2005-06. The Ld. AR has further submitted that the A.O has assessed the entire full value consideration as income of the assessee without allowing the cost of acquisition or the fair market value of the land as on 01.04.1981 from the full value consideration. Thus the A.O is not justified in making the addition in the hands of the assessee towards the full value consideration. Ld. AR has further submitted that even the full value consideration adopted by the A.O is not as per the guideline value of the area notified by the authority and therefore, the addition made by the A.O by taking incorrect full value consideration amounts to assessing the excess income in the hands of the assessee over and above of the act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same may be admitted for deciding the matter as these are clinching evidence and will provide the correct facts for determination of the correct income in the hands of the assessee. Hence, he has prayed that the matter may be remanded to record of the A.O for fresh adjudication after considering the cost of acquisition being the fair market value of the land in question as on 01.04.1981 as well as on the date of sale in terms of Section 50C(2) of the I.T. Act and also considering the claim of deduction u/s 54B of the Act. 5. On the other hand Ld. Departmental Representative has submitted that so far as the claim of the assessee raised before the A.O as well as CIT(A) is concerned in the absence of any registered agreement the same is cover ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter rejecting the objection against issue of notice u/s 148 A.O has not issued any show cause notice to the assessee for adopting the full valuation consideration u/s 50C(1) of the Act and hence, it appears that the assessee was not given an opportunity before adopting the full valuation consideration as per Section 50C(1) of the Act and consequent addition by the A.O on account of Long Term Capital Gain arising from sale of land in question. Though the assessee challenged the order before the CIT(A) however, still the assessee did not raise any specific ground regarding full valuation consideration or allowing the cost of acquisition or exemption u/s 54B of the Act. So far as assessing the entire sale consideration u/s 50C(1) of the Act i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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