2018 (11) TMI 1831

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....ief, the assessee has raised three folds of grievances; viz. (a) re-opening of the assessment is bad in the eyes of law; (b) ld.CIT(A) has erred in confirming the computation of long term capital gains at Rs. 38,43,047/- by ignoring determination of acquisition cost plus indexation as on 1.4.1981, and (c) the ld.CIT(A) has erred in confirming the action of the AO in not referring the valuation of the property under section 50C(2)(a) of the Act for determining full value of consideration received by the assessee for computing long term capital gain. 3. As far as first fold of contention for reopening of the assessment is concerned, no arguments were put forth by the ld.counsel for the assessee, which in a way, is not pressed for adjudicat....

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....Rs. 26,70,000/-, therefore, fair market value of the property on the date of sale be got determined from DVO under section 50C(2)(a) of the Act. The ld.AO has rejected both contentions. With regard to the first fold of contentions, he held that the assessee himself has also relied upon the report of registered valuer obtained by him, wherein he valued the property at the rate of Rs. 25/- per sq.meter as on 1.4.1981, hence there is no need to take into consideration valuation report of other registered valuer. With regard to second fold of contentions, he observed that section 50C is deeming provision and rate determined by the stamp valuation authority was required to be adopted for the purpose of computing capital gain. Appeal to the ld.CI....

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....(HUF). The computation of income in his case reads as under: "(8) After discussion and from the data made available, total income of the assessee is computed as under: Income from capital gain Sale consideration taken as per 'Jantri value' (1/2 share) Rs. 20,86,200/- Less: Indexation cost of land considering ½ share of the assessee (4957.50 sq.m x 80 Rs. Per sq.m.) Rs. 19,71,102/- Long term capital gain Rs. 1,15,098/- Total Income Rs. 1,15,098/- Rounding off to Rs. 1,15,100/- 6. This person was having land at survey no.214 in Block Nos.315 and 318. The assessee is also having land in survey no.214 in block no.320. Similarly, other assessees were also having land in this survey numb....