TaxTMI 
TaxTMI 
2020 (6) TMI 667
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.... year the Assessee sold property bearing door no.9(old site no.20) Thimma Reddy Colony, Kodihalli Village, Varthur Hobli, Bangalore South Taluk, (hereinafter referred to as 'the property') under a sale deed dated 08-04-2015. The sale consideration as per sale deed that was received by the Assessee was a sum of Rs. 1.30 Crores. The value of the property for the purpose of stamp duty was a sum of Rs. 2,09,10,000/-. The AO was of the view that the capital gain had to be computed by substituting the fullm value of consideration received on transfer by the value adopted by the state government for the purpose of stamp duty because the value so adopted by state government was higher than the full value of consideration received by the Assessee on....
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....t payee cheque or account payee bank draft or by use of electronic clearing system through a bank account, on or before the date of the agreement for transfer: ^75a[Provided also that where the value adopted or assessed or assessable by the stamp valuation authority does not exceed one hundred and five per cent of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of section 48, be deemed to be the full value of the consideration.] (2) Without prejudice to the provisions of sub-section (1), where- (a) the assessee claims before any Assessing Officer that the value adopted or assessed or assessable by the ....
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....ect to the provisions contained in sub-section (2), where the value ascertained under sub-section (2) exceeds the value adopted or assessed or assessable by the stamp valuation authority referred to in sub-section (1), the value so adopted or assessed or assessable by such authority shall be taken as the full value of the consideration received or accruing as a result of the transfer. 4. In the order of assessment dated 28.12,.2018, the AO also made observation in the form of a note to the Assessment order that his order of Assessment will be subject to review or rectification on receipt of valuation report from the District Valuation Officer (DVO), Bangalore. 5. Aggrieved by the order of the AO dated 28-12-2018, the Assessee filed ap....
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....gistering authorities for the purpose of levy of stamp duty. The ld. CIT(A) was of the view that as per the provisions of sec.50C(2)(b) of the Act, reference to the valuation by the AO to the DVO can be made only when the stamp duty valuation had not been disputed in appeal before the concerned authorities. Since the buyer of the property from the Assessee had disputed the valuation therer could not have been a valid reference to the DVO by the AO u/s 50C(2) of the Act and therefore, the report of the DVO should also be ignored. The CIT(A) found no merit regarding the other contentions of the AO and no other grounds to interfere with the order of the AO and accordingly confirmed the order of AO. 7. Aggrieved by the order of the ld.CIT(A)....