TaxTMI 
TaxTMI 
2015 (6) TMI 481
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....er and disposing of by this common order. 2. First, let's take assessee's appeal in I.T.A. No.409/Mds/2013. 3. Shri Manuel Thomas, the Ld. representative for the assessee, submitted that the assessee has sold two plots at Maraimalai Nagar, Kanchipuram District during the assessment year under consideration. According to the Ld. representative, the property was sold for Rs. 5,58,25,000/-. However, the Sub-Registrar has valued the property at much higher amount for the purpose of stamp duty. The assessee objected to the valuation made by the registering authority. The assessee has requested the Assessing Officer to refer the matter to the Valuation Officer. However, the Assessing Officer ignored the request of the assessee and completed....
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.... adopted the value taken by the Sub-Registrar at Rs. 9,73,58,800/- for the purpose of capital gains under Section 50C of the Act. Therefore, there is no infirmity in the orders of the lower authorities. 5. We have considered the rival submissions on either side and perused the relevant material on record. It is not in dispute that the assessee had sold two plots at Maraimalai Nagar, Kanchipuram District for a sale consideration of Rs. 5,58,25,000/-. However, the Sub-Registrar, for the purpose of registration, has taken the fair market value at Rs. 9,73,58,800/- and collected the stamp duty accordingly. Now the assessee claims that in view of Section 50C of the Act, when the fair market value is less than the registration value adopted by....
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.... in the light of the report that would be received from the Valuation Officer and thereafter, decide the same in accordance with law after giving reasonable opportunity to the assessee. 7. The next ground of appeal is with regard to allowability of TDS to the extent of Rs. 3,83,236/-. 8. Shri Manuel Thomas, the Ld. representative for the assessee, submitted that the assessee has filed five TDS certificates aggregating to Rs. 3,83,236/-. The Ld. representative submitted that the same was not claimed in the return of income. According to the Ld. representative, the TDS certificates filed before the lower authorities to the extent of Rs. 3,83,236/- have to be considered. 9. On the contrary, Dr. S. Moharana, the Ld. D.R. submitted that....
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.... sale of land. 12. Dr. S. Moharana, the Ld. D.R. submitted that the Assessing Officer reopened the assessment by issuing notice under Section 148 of the Act. According to the Ld. D.R., the assessee claims the profit on sale of the land under the head "capital gains". However, this issue had not been decided in the original assessment. Therefore, the Assessing Officer reopened the assessment and treated the profit on sale of the land as business income. However, the CIT(Appeals) by following the order of this Tribunal in the assessee's own case for assessment year 2004-05, directed the Assessing Officer to assess the surplus on sale of the land under the head "capital gains". According to the Ld. D.R., the Revenue has already filed an....