2015 (6) TMI 1018

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.....S. SAINI, ACCOUNTANT MEMBER: This appeal by the Revenue is directed against the order of the CIT(A) -VIII dated 8.7.2011 for the Asst.Year 2008-09. 2. The sole ground taken by the Revenue in this appeal is that the CIT(A) erred in deleting the addition of Rs. 2,44,83,495/- made on account of capital gain on the basis of valuation of asset by DVO. 3. Brief facts of the case are that the asse....

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....and situated at survey no.14 and adopted value of Rs. 10,49,04,000/- and determined income at Rs. 9,72,08,700/- 5. The assessee carried the matter before the CIT(A). 6. The CIT(A) observed that it is an admitted fact that the sale consideration offered by the assessee was higher than the value prescribed in jantri for stamp duty valuation. Under the circumstances, section 50C was not applica....

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.... Section 55A as such cannot be invoked when transfer of immovable property being land or building or both are involved. 8. In the instant case, the issue involves computation of capital gain in respect of sale of plot of land being surveyno.14. It is not in dispute that the said plot of land was sold by the assessee by a registered deed at actual sale consideration of Rs. 8,04,20,506/-. Further....