2018 (5) TMI 1723

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.... CIT(A)-XXIV, New Delhi on the grounds that:- " 1. Ld. CIT(A) has erred in deleting addition which was made by the AO invoking section 50C of the Act wherein value adopted by the stamp valuation authority is deemed to be the full value of consideration if the consideration received is less than the value adopted by such authority. 2. Ld. CIT(A) failed to appreciate the fact that the request for valuation of property was made by the assessee on the date of passing of assessment order i.e. 20.02.2014 and it was not possible for the AO to accede to the assessee's request especially when the date of completion of time barring scrutiny assessment was March, 2014. 3. The appellant craves leave for reserving the right to....

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....grieved, the Revenue has come up before the Tribunal by way of filing the present appeal. 4. We have heard the Ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and order passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. Undisputedly, the assessee has claimed to have sold its factory along with land for consideration at Rs. 10,25,00,000/- during the year under assessment. It is also not in dispute that for stamp duty purposes, the property in question was valued at Rs. 14,83,68,000/-. It is also not in dispute that a request was made by the assessee to the Assessing Officer to refer the matter to the valuation officer to ascertain fair ....

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.... market value of the property as on the date of transfer; (b) The value so adopted or assessed [or assessable] by the stamp valuation authority under sub-section (1) has not been disputed in any appeal or revision or no reference has been made before any other authority, court or the High Court, The Assessing Officer may refer the valuation of the capital assets to a Valuation Officer and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clause (i) of sub-section (1) and sub-section (6) and (7) of section 2A, 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 ....