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TMI Blog2013 (8) TMI 1198X X X X Extracts X X X X X X X X Extracts X X X X ..... udicial Member: This is an appeal filed by the assessee against the order of the learned Commissioner of Income-tax (Appeals), Siliguri in appeal No. 77/CIT(A)/Slg/10-11 dated 28/03/2011 for the assessment year 2008-09. 2. Shri Vikash Surana, CA, learned Authorised Representative appeared on behalf of the assessee and Shri Shri Dilip Kr. Rakshit, JCIT, learned Sr. DR appeared on behalf of the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year for Rs. 10 lakhs. It was the submission that the assessee had invested the sale proceeds of Rs. 10 lakhs in the Bonds and claimed deduction u/s. 54EC of the Act. It was the submission that the market value of the said land was assessed at Rs. 35 lakhs by the District Sub Registrar being the Stamp Valuation Authority. Consequently, in view of the provisions of section 50C of the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion that the order of the learned Commissioner of Income-tax (Appeals) confirming the stand of the Assessing Officer was liable to be reversed. 5. In reply, the learned JCIT/Sr. DR drew our attention to pages 2,3 & 4 of the order of the learned Commissioner of Income-tax(Appeals). It was the submission that though the assessee has placed reliance on the provisions of section 54F of the Act, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tamp valuation authority at Rs. 35 lakhs has not been disputed by the assessee. Once the stamp valuation authority's value has been accepted by the assessee, then the same would have to be adopted in view of the specific provisions of section 50C of the Act. Further a perusal of the order of the learned Commissioner of the Income-tax (Appeals) clearly shows that the learned Commissioner of Income- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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