TaxTMI 
TaxTMI 
2016 (3) TMI 361
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....nes. He filed his return on 31/8/2007 declaring total income of Rs. 3,54,110/-. The case was scrutinized U/s 143(3) read with Section 147 of the Income Tax Act, 1961 (in short the Act). The ld Assessing Officer observed that the assessee had transferred 50% share of certain properties shown in balance sheet of M/s S.L. Exports as on 31/3/2006 to Shri Shoukat Ali during the year 2006-07 but no capital gain had been declared in the return filed for the A.Y. 2007-08. The details of such properties are given as under:- Property As per B/S as on 31/3/2006 As per B/S as on 31/3/2007 i. Office premises Rs. 20,43,387/- Rs. 10,21,693/- ii. Agricultural land Rs. 7,98,994/- Rs. 3,99,497/- iii. Land & Bu....
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....e property assets were shown as under:- Office premises Rs. 22,70,430/- Agricultural land Rs. 7,98,994/- Land & Building Rs. 3,96,260/- He further observed that in execution of the above deed of dissolution dated 31/3/2005 Shri Liyaqat Ali had taken over all the assets and liabilities, which had been duly shown in the balance sheet of his proprietory concern M/s S.L. Exports as on 31/3/2007. It is clear that the erstwhile partnership firm M/s S.L. Exports had dissolved w.e.f. 31/3/2005 vide dissolution deed executed on the same date and that dissolution deed was executed completely as such the immovable assets of the firm had been transferred from the firm to partner Shri Liyaqat Ali on 31/3/2005 and hence Shr....
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.... value so adopted or assessed or assessable shall , for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer. 2. As admitted by the assessee, the transfer has taken place as per value recorded in the books of accounts. As such the higher of the book value or the value assessable by the Sub-registrar has to be adopted to compute capital gains in terms of the provisions of section 48 of the I.T. Act. 3. As regards objection of Id. A/R that the word "assessable" was introduced in section 50C w.e.f. 1.10,2009 and hence the same cannot be adopted for A.Y. 2007-08, it is pertinent to mention that this amendment was brought only to clarify the position r....
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.... notice dated 27.12.2011 so as to arrive at the FMV as on 01.04.2006. 6. The objection raised by Id. A/R regarding valuation made by the DVO of the office premises are not acceptable. The valuation was referred to DVO u/s 55A of the I.T. Act. In section 55A, it has been provided that where any such reference is made, the provisions of sub-section (2), (3), (4), (5) and (6) of section 16A shall also apply. Sub-section (6) of section 16A is reproduced as under: "On receipts of the order under sub-section (3) or subsection (5) from the valuation officer, the [Assessing Officer] shall, so far as the valuation of the asset in question is concerned, in conformity with the estimate of the valuation Officer, proceed to complete th....
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....ral decisions including decision of jurisdictional tribunal in which it is held that unless properties are registered, section 50 C is not applicable. Assessing officer mentioned that amendment to section 50C also considers assessable value of properties. Although assessing officer treated the same as the retrospective in operation, appellant submitted decision of Madras High Court and Ahmadabad tribunal in which it is clearly held that amendment to section 50C is prospective and not retrospective. Therefore there is no substance in assessing officer's argument that amendment to section 50C is retrospective. If the amendment is to be treated as prospective then in the case of unregistered property, assessable value cannot be taken as fu....
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.... the arguments made before the ld CIT(A) and further argued that in Section 50C of the Act, there was an amendment and a word "assessable" has been added by the Legislature w.e.f. 01/10/2009. Before the Hon'ble Bench, the issue is relevant to A.Y. 2007-08, relevant year is 2006-07, therefore, this Section cannot be applied. The case laws relied the ld CIT(A) are squarely applicable on Section 50C with reference to assessable. Therefore, he prayed to confirm the order of the ld CIT(A). 6. We have heard the rival contentions of both the parties and perused the material available on the record and also gone through the order of the ld CIT(A). The ld CIT(A) had simply decided the case on the basis of amendment made in provisions of Section 5....