AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2015 (3) TMI 1281
X X X X Extracts X X X X
X X X X Extracts X X X X
....the Appellant having disputed the valuation of the property by the Stamp Valuation Authority, the adoption of the value in terms of Sec.50C of the Act by the Assessing Authority was bad in law. 3. The Commissioner (A) ought to have appreciated that the value adopted by the Appellant was fair market value considering the facts and circumstances and the location of the property and therefore the same was required to be adopted. 4. The Commissioner (A) ought to have appreciated that the decisions relied upon by the Appellant were squarely applicable and he ought to have followed the same. 5. The Commissioner (A) erred in confirming the interest charged u/s.234B and 234C of the Act. 6. For these and other grounds that may be urged at th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s carried to the Ld. CIT(A) and Ld. CIT(A) has dismissed the appeal by observing as under:- "I have carefully considered the facts of the case, submissions made by the appellant and also perused the assessment order. The land sold by the assessee for a consideration of Rs. 61/- lakhs by the appellant was valued at Rs. 92.65 lakhs by the Stamp Valuation Authority for stamp duty purposes. At the request of the appellant, a reference was made by the A.O to the Departmental Valuation Officer u/s 50C(2) for determining the valuation of the land. The D.V.O. vide his order dated 17.12.2008 determined the FMV of the above property at Rs. 1,50,11,400/- which was objected to be the appellant before the A.O. However, as per the provisions of Section....
X X X X Extracts X X X X
X X X X Extracts X X X X
....elonging to him for a sale consideration of Rs. 61 lakhs but the Stamp Value Authority (SVO) adopted a value of Rs. 92.65 lakhs for the purpose of Stamp Duty calculation. The appellant had adopted the value which is the FMV and what the similar land fetches in the open market. This was also supported by the valuation report of the government approved valuer who had taken similar land unto consideration while valuing the land. This land was a KIADB approved and allotted useful only for industries purpose, KIADB as narrated in the report had allotted land @ Rs. 13.50 lakh per acre during 2005 which proves that the value of the land was only Rs. 13.50 lakhs per acre and as the land is approximately 4 acres it is nearly Rs. 60 lakhs. The valuat....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Whereas this is not correct as the appellant has submitted a written submission as enclosed along with supporting documents and case law. Therefore, this appeal before the Hon'ble ITAT. The appellant submits herein that DVO's valuation is not acceptable as it is based on very general aspects and not on specific property basis. The comparable taken by the DVO was also very vague and uncomparable as this property was more than 4 acres and the compared property was only 18 guntas plot where the area is big, a lot of space goes unto development of Roads and other amenities which is not considered. And for other reasons as stated in the written submission before the CIT(A) attached. Also the land was allotted by KIADB who had allotted si....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nt of stamp duty in respect of such transfer, the value so adopted or assessed 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. Sub-section (2) of sec. 50C provides that if the assessee objected to the assessed by the SVA, then the matter has to be referred to the DVO and the valuation by DVO has to be taken as FMV for such transfer. If the assessee did not dispute the value of SVA in any appeal or revision, the valuation of the SVA becomes final. Therefore, in this case, the Assessing Officer has taken the FMV as decided by the SVA, therefore the Assessing Officer and the Ld. CIT(A) are justified in their action. 7. We have heard rival contentions ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....(5) of section 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." From the above section, it is clarified that the Assessing Officer has to adopt the value of the SVA as FMV, for the purposes of payment of stamp duty in respect of such transfer, the value so adopted or assessed shall for the purposes of section 48 be deemed to be the full value of consideration received or accruing as a result of such transfer. Sub-sec. (2) of sec. 50C provides that if anybody objects, then the matter should be referred to DVO. On....