2010 (3) TMI 1114

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....he Assessing Officer by invoking section 50C of the Act. The assessee sold immovable property consisting of land and building situated at Village Khatiari, Dist. Almora, Uttaranchal. The total consideration amounted to Rs. 13 lakhs out of which assessee's 75% share was Rs. 9,75,000/-. The assessee declared capital gains of Rs. 66,205/- after claiming deduction for cost of indexation and the proportionate expenses. While completing the assessment, the Assessing Officer invoked section 50C of the Act and called upon the assessee information as to the valuation of the property for stamp duty purposes. The assessee submitted the copy of the sale agreement and the relevant documents called for from which the Assessing Officer noticed that the st....

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....orting the claim under section 50C(2)(a) along with the return and that they were submitted only during the assessment proceedings, after taking several adjournments, which delayed the finalisation of the assessment and reference to the valuation officer of the department as envisaged by the aforesaid statutory provision was not possible as the assessment was getting barred by time by 31.12.2006. He therefore did not refer the valuation of the property to the departmental valuation officer and proceeded to compute the capital gains on the basis of the stamp value of Rs. 20,06,500/-. 4. On appeal, the CIT(A) dismissed the assessee's case, holding that the only option left to the Assessing Officer in the circumstances was to proceed with t....