TaxTMI 
TaxTMI 
2016 (2) TMI 1089
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....303/- on account of computation of capital gain with the aid of section 50C of the IT Act. 3. The brief facts of the case are that the assessment proceedings in this case were reopened after the AO found that value of the property being land, sold by the assessee is shown in the registered deed for stamp duty purpose at Rs. 71,46,000/- as against the amount of sale consideration declared at Rs. 68 lacs. The assessee in this property was holding 1/4th share and hence, she declared capital gain on sale of property by taking sale consideration at Rs. 17,00,000/-, being ¼ of Rs. 68 lacs. As per the findings of the AO, the sale consideration as per provision of section 50C should have been taken at Rs. 17,86,500/- being ¼ of Rs.....
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....ee for enhancement of income by Rs. 1,93,53,303/- on account of computation of capital gain on sale of property. The assessee was served through substituted service and the ld. CIT(A) also passed exparte order. The ld. CIT(A) decided the issue of reopening of assessment against assessee and also computed the taxable income of assessee on account of capital gains by making the valuation of the property as per order of ADM and computed the total income at Rs. 1,97,24,928 and by giving benefit of income computed by the AO enhanced the assessment by Rs. 1,92,52,303/-. 6. The ld. Counsel for the assessee did not press the issue of reopening of assessment. The same is, therefore, dismissed being not pressed. 7. The ld. Counsel for the asses....
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.... before the Hon'ble Allahabad High Court, challenging this order of ADM(Finance), Agra (PB-31) and the matter in issue is pending before the Hon'ble Allahabad High Court. The assessee Smt. Madhu Goyal also challenged the assessment order of ADM(Finance) and filed Civil Misc. Application before the Chief Controller, Revenue Authority of U.P.-Allahabad (PB-63). 9. The ld. Counsel for the assessee further submitted that the ld. CIT(A) in the case of firm M/s. Setwell Associates passed order dated 21.03.2013 and held that no income can be taxed in the hands of dissolved firm and also directed to make assessment of capital gains in the hands of all the four partners and also directed that sale consideration should be determined by the Stamp V....
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....mputation of capital gain is dependent upon the valuation adopted by ADM (Finance), Agra whose decision is under challenge before the Hon'ble Allahabad High Court. Therefore, the ld. Counsel for the assessee and the ld. DR are justified in contending that such valuation could be adopted by the AO as per final decision of Hon'ble Allahabad High Court. The ld. CIT(A) also in the case of firm, M/s. Setwell Associates (supra) directed that ultimately, the value would be finally determined by the Hon'ble Allahabad High Court. Therefore, the capital gains in the hands of the partners including the assessee, can be computed on the sale consideration determined by the Stamp Valuation Authority subject to decision of Hon'ble Allahabad High Court. In....