2024 (1) TMI 553

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.... ORDER PER M. BALAGANESH AM: This appeal of the assessee arises out of the order of the Learned Commissioner of Income Tax (Appeals)-25, New Delhi, [hereinafter referred to as 'Ld. CIT(A)'] in Appeal No.238/11- 12/68/17-18 dated 25/09/2017 against the order passed by Ld. Assistant Commissioner of Income Tax, Central 20(1), New Delhi (hereinafter referred to as the 'Ld. AO') u/s 143(3) of th....

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....situated at Okhla Industrial Area on 24.10.2008 for Rs 2,20,00,000/-. The indexed cost of acquisition of land was worked out at Rs. 2,17,20,240/- and accordingly the LTCG of Rs. 2,79,760/- was disclosed by the assessee. The sale consideration figure adopted by the assessee at Rs. 2,20,00,000/- was the same as fixed by the Sub-Registrar for the purpose of levy of stamp duty. Hence the value determi....

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....ity shall be deemed to be the full value of consideration. Accordingly, if the sale consideration shown by the assessee itself is equal to or less than the value fixed by the stamp valuation authority, the value shown by the assessee is to be adopted as the full value of consideration. Viewing from this angle, we hold that there is absolutely no need for the ld. AO to refer the valuation of the la....

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.... u/s 55A of the Act. In this regard, we find that as per the provisions of section 55A of the Act, the reference to ld. DVO could be made only if the value adopted by the assessee based on the registered valuer's report is less than the fair market value. In the instant case, the fair market value as determined by the ld. DVO itself was only Rs. 14,84,738/- whereas the value shown by the assessee ....