2014 (9) TMI 931

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....nces of the case the delay in filing the appeal is condoned and the appeal is taken for hearing on merits. 3. Facts necessary for disposal of the appeal are stated in brief. During the previous year relevant to the assessment year under consideration the assessee sold a plot at Palghar for a total consideration of Rs. 1,00,000. In the opinion of the Assessing Officer the consideration declared is low. He, therefore, adopted the value determined by the stamp authorities in place of the sale consideration declared by the assessee and accordingly determined the long-term capital gain of Rs. 2,85,264. 4. Aggrieved, the assessee contended before the Commissioner of Income- tax (Appeals) that though the provisions of section 50C of the Act ....

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....es is applicable in the instant case. The Assessing Officer, however, proceeded on the assumption that the onus is upon the assessee to produce the material. 5. In the instant case the assessee, the in the set aside proceedings, placed before the Assessing Officer copy of the entire layout to show that the plot in question was located in a very disadvantageous location and could not fetch more value than what it was sold for. It was also contended that in the absence of any positive evidence on record that the assessee in fact received sale consideration more than what was recorded in the sale agreement, there is no case for alteration of disclosed consideration/amount. 6. Vide letter dated February 27, 2011, the assessee submitted be....

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....Appeals) and thus the assessee is in appeal before the Tribunal. 8. I have heard learned counsel for the assessee as well as the learned Departmental representative in this regard and carefully perused the record. The plea of the assessee is that the expression "may" referred to in section 50C imposes an obligation on the part of the Assessing Officer to apply his mind objectively before applying the value adopted by the stamp value authorities. In the instant case the assessee has given a detailed clarification as to why the land sold by the assessee could not fetch a higher value. The Assessing Officer has not properly done his homework in finding out what was the basis for the stamp duty authorities in adopting the value at Rs. 3,65,5....