TaxTMI 
TaxTMI 
2015 (3) TMI 1281
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.... 2. The Commissioner (A) ought to have appreciated that 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 ....
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.... the Assessing Officer computed the capital gain tax at Rs. 74,48,166/-. 4. Matter was 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/- w....
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.... on account of Long Term Capital Gains apart from other additions. The Appellant had sold the property belonging 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....
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....the SVO's valuation and no evidence whatsoever has been furnished by the appellant to buttress its case.". 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 state....
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....sessee transfers any capital asset, being land or building, the value decided by the SVA for the purpose 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 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, there....
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....ons of sub-sections (2), (3), (4), (5) and (6) of section 16A, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23A, sub-section (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 rec....