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TMI Blog2016 (9) TMI 1682X X X X Extracts X X X X X X X X Extracts X X X X ..... erm capital gain which comes under business income, which is most arbitrary and unjustified. 2. That the Hon'ble CIT(A) has erred in confirming penalty u/s. 271(1)(c) which is most arbitrary and unjustified. 3. That the Hon'ble CIT(A) has erred in not admitting the revised return filed by appellant at the time of hearing. 2. To adjudicate on this appeal only a few material facts need to be taken note of. During the course of assessment proceedings the Assessing Officer noted that the stamp duty valuation of the property, on sale of which LTCG were offered to tax, was much more than the stated consideration on sale of land. It was in this backdrop that the Assessing Officer adopted the full value of consideration at stamp duty valuation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hority, court or the High Court under sub section (2) (b) of Section 50 C of the Act is not of any relevance in this case, as the AO himself observed that the assessee did not dispute the stamp valuation before the Stamp Valuation Authority. There may be several reasons for the purchaser not to file such objection. A purchaser may not go into litigation, and pay stamp duty, as fixed by the Stamp Valuation Authority, which may be over and above the fair market value of the property, as on the date of transfer, though the amount so determined has not been actually received by owner of the property". The position as to whether reference should be made to the DVO, even when there is no specific plea to that effect by the assessee, is now well s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revailing legal position is now like this. Once the assessee claims that the actual market value of the land or building is less than stamp duty valuation adopted by the authorities, it is incumbent upon the Assessing Officer to refer the valuation of said land or building to the departmental valuation officer. In the present case, the Assessing Officer has not done so. In view of this factual position, and in the light of the discussions above, we deem it fit and proper to remit the matter to the file of the Assessing Officer for adjudication de novo after making a reference to the DVO, and completing the assessment on the basis of the valuation so received from the DVO. While so deciding the matter afresh, the Assessing Officer will decid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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