TaxTMI 
TaxTMI 
2011 (4) TMI 940
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..... 247/07-08 dated May 6, 2009 for the assessment year 2005-06 in the case of Ms. Kumudini Venugopal and I. T. A. No. 1173/Mds/2009 is an appeal filed by the Revenue against the order passed by the learned Commissioner of Income-tax (Appeals)-I, Coimbatore in Appeal No. 246/07-08 dated May 6, 2009 for the assessment year 2005-06 in the case of Kum. Rajini Venugopal. Shri Tapas Kumar Dutta, the learned Departmental representative represented on behalf of the Revenue and Shri V. Jagadisan, chartered accountant represented on behalf of the assessees. 3. It was submitted by the learned Departmental representative that the assessee had sold certain agricultural land in Coimbatore. The assessee invested the sale proceeds in NHB and NABARD bonds a....
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..... However, as per the directions of the Additional Commissioner of Income-tax under section 144A of the Act, the Assessing Officer had adopted the value as fixed by the stamp valuation authority. It was the submission that in the course of assessment proceedings, the assessee had submitted that the provisions of section 50C could not be considered as the land was agricultural land and the land had substantial defects as it was in odd shape and was a low lying land. It was the submission that the assessee had also produced evidence in the form of land acquisition done by the Coimbatore Municipal Corporation, wherein the value of the land had been fixed at the rate of Rs. 5,000 per cent in 1996. It was the submission that the Assessing Office....
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....he conditions are prescribed, under clause (a), if the assessee claims before the Assessing Officer that the value adopted or assessed by the stamp valuation authority referred to in sub-section (1) exceeds the fair market value of the property as on the date of transfer and under clause (b), if the assessee is able to show that the value so adopted or assessed or assessable by the stamp valuation authority under sub-section (1) has not been disputed in any appeal or revision or no reference has been made before any other authority, court or the High Court, the assessing authority may refer the valuation of the capital asset to a Valuation Officer and the provisions of the Act in respect of the valuation would apply. As per sub-section (3) ....
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....fficer had found merit in the claim of the assessee and had consequently referred the valuation of the property to the DVO. It is noticed that in the meantime, the assessee had also applied to the Additional Commissioner of Income-tax for direction under section 144A and the learned Additional Commissioner of Income-tax, Range II, Coimbatore, had issued direction under section 144A. It is also noticed that by the time the assessment was completed, the DVO had not given any report of valuation to the Assessing Officer. Consequently, the Assessing Officer had complied with the direction of the Additional Commissioner of Income-tax and had applied the provisions of section 50C(1) of the Act. During the appeal proceedings before the learned Com....