2018 (5) TMI 1767

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....r.DR O R D E R PER RAJPAL YADAV, JUDICIAL MEMBER: Assessee is in appeal before the Tribunal against order of ld.CIT(A)-VI, Baroda dated 1.11.2013 passed for the Asstt.Year 2010-11. 2. Sole grievance of the assessee is that the ld.CIT(A) has erred in confirming the addition of Rs. 44,24,800/- in the computation of short term capital gain arising to the assessee. 3. Brief facts of the....

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....assessee. 4. The ld.counsel for the assessee submitted that sub-section (2) of Section 50C authorise the assessee to make a request to the AO for referring the matter to the valuation officer for determining fair market value of the property on the date of transfer. In other words, the case of the assessee is that if an assessee disputed determination of sale value according to the stamp duty v....

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.... assessed by any authority 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. In other words, full consideration mentioned in section 48 is to be replaced by the consideration on which value of the property was adopted for the purpose of payment of stamp du....

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....ct. The failure of the ld.Revenue authorities for not providing assessee an opportunity for getting the value of the capital asset determined by the DVO is an irregularity which deserves to be rectified. Therefore, we allow the appeal of the assessee; set aside both the orders and restore this issue to the file of the AO for readjudication. The ld.AO shall make reference under section 50C(2) to th....