2015 (9) TMI 1435

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.... is that the ld. CIT(A) has erred in law as well as on fact in directing the AO to accept the valuation of the DVO in toto ignoring the relevant provisions of Section 50C of the Act. 3. Briefly stated facts are that the assessee is an individual and has income from capital gain. The assessee is 50% owner in the land and building situated at 77/1, Hazra Road. The assessee acquired this land and building prior to the year 1981. The assessee has sold this property during the relevant previous year and declared the income under the head capital gain after investing a sum of Rs. 4000000.00 in capital gain bond and claimed deduction under section 54 EC. During the stage of scrutiny assessment, the AO referred the matter to the DVO for the valu....

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....relied on the order of the ld. AO. 6. The ld. AR submitted that the AO should have adopted the valuation ascertained by the DVO for the purpose of computing long term capital gain under sub section (2) of section 50C, despite the fact that the valuation made by the DVO is lower than the value adopted by stamp duty authorities. In support of his claim the assessee has cited the case of ITO V Gita Roy decided by ITAT Kolkata C Bench reported in (2012) (146 TTJ(KOL) 762) and Hon'ble Calcutta High Court in the case of Sunil Kumar Agarwal vs CIT 372 ITR 83 (Cal). 7. We have heard the rival submissions and perused the materials available on record. The AO has taken the sale proceeds as recorded by the registrar of property for the purpose o....

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....ion 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. Explanation - For the purposes of this section , "Valuation Officer" shall have the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957). (3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section (2) exceeds the value adopted or assessed by the stamp valuation authority referred to in sub-section (1), the value so adopted or assessed by such authority shall be taken ....