2015 (8) TMI 834

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....l asset determined by the Stamp Valuation Authority was deemed to be the full value of consideration which the assessee had not disputed before the appellate authorities or the Court under Stamp Duty Act. 3. Learned CIT(A) has erred in not considering the provision of section 50C(2) were available to the assessee to plea before the Assessing Officer to refer valuation of the property to Valuation Officer. 4. Learned CIT(A) has erred in considering the fact that the assessee did not made any claim before the Assessing Officer that fair market value of the property under transfer is less than the valuation done by the Stamp Valuation Authority. 5. Learned CIT(A) has erred in holding that AO did not rejected the valuation report befor....

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....nd not Rs. 44,25,000/-. The valuation of the property for the purpose of stamp duty was taken at Rs. 44,25,000/- however I have received a sum of only Rs. 20,00,000/-. The property under question was under litigation and hence sold at lesser value as I was in urgent need of funds." The Assessing Officer did not accept the submission of the assessee and proceeded to compute the long term capital gain by taking the stamp duty value as the full sale consideration. 4. Aggrieved by this, assessee carried the matter before the Ld.CIT(A) and once again took the same stand as was taken before the Assessing Officer during the course of assessment proceedings. It was explained to the Ld. CIT(A) that the property sold by the assessee was under l....

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....inally concluded by holding that the Assessing Officer was not justified in mechanically applying the provisions of sec. 50C and accordingly, directed the Assessing Officer to delete the additions made. 5. Aggrieved by this, Revenue is before us. 6. Learned DR strongly supported the assessment order. Counsel for the assessee reiterated what has been stated before the lower authorities. 7. We have carefully perused the orders of the authorities below. The undisputed fact is that the assessee has shown sale consideration from the sale of impugned property, whose stamp duty value was much higher. It is also undisputed fact that the assessee had sold the property under duress. It is also an undisputed fact that the bungalow erected on ....