2018 (10) TMI 1786

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....Lalit P.Jain, Sr.DR ORDER PER RAJPAL YADAV, JUDICIAL MEMBER: Present appeal is directed at the instance of the assessee against order of the ld.CIT(A)-5, Ahmedabad dated 1.9.2016 passed for the Asstt.Year 2012-13. 2. Sole grievance of the assessee in this appeal is against action of the AO in substituting value of the property determined by the stamp valuation authority as deemed value....

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....to the assessee to furnish details of transaction with respect to the immovable properties entered into by the assessee during the under consideration and to work out capital gain thereon. Dispute in this present case relates to sale of land at survey no.1089/20 sold on 29.7.2011 in which the assessee has 25% share as co-owner. Assessee submitted that he has already offered short term capital gain....

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....Before us, the ld.counsel for the assessee reiterated submissions made by the Revenue authorities below, and further submitted that as per the mandate provided under section 50C, where the assessee disputes value adopted or assessed by the AO, then the AO must refer valuation of the property to the valuation officer in accordance with the provisions of Section 55A of the Act. In the present case, ....

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....at the assessee was having 25% share in the land bearing survey no.1089/90. He has sold this land with other co-owners. The ld.AO while computing the capital gain under section 48 of the Act adopted full value of the sale consideration equivalent to the amount on which stamp duty was paid. The case of the assessee was that in the case of co-owner, reference was given to DVO under section 50C(2) wh....