2025 (9) TMI 1649

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...., Circle Sri Ganganagar under sections 143(3) of the Income Tax Act, 1961 (hereinafter as 'the Act') vide order dated 27.12.2019 for Asst. Year 2017-18. 2. The only issue in this appeal of assessee is as regards to the order of CIT(A) confirming the action of the AO in adopting the deemed consideration under section 50C of the Act of the immovable property sold on 20.09.2016 at Rs. 1,11,18,800/- and accordingly, assessing the Long Term Capital Gain (LTCG). 3. Brief facts are that the assessee filed his return of income for relevant A.Y. 2017-18 on 30.10.2017. During the course of assessment proceedings, the AO on perusal of details filed along with ITR, noticed that the assessee has declared Short Term Capital Gain of Rs. 25000/- and ....

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....commercial property i.e. Shop No. SC-021-C admeasuring 500 sq. Yards situated at 200 feet wide road in Narayan Vihar 'O' Phase 02 situated at Asarpura/Ganpatpura/ Bhankrota, Ajmer Road, Jaipur, to Sh. Sanjay Chamria on 20.09.2016 DLC value of commercial property situated at exterior location at Narayan Vihar is Rs. 26600/- per sq. meter. One square yard is equilant to 0.836 square meter, accordingly, the area of the shop in square meters comes to 418 sq. mtr. (500 x 0.836). Hence, the DLC value of the above shop sold as on 20.09.2016 comes to Rs. 1,11,18,800/- (418 sq. mtr. x Rs. 26600 per sq. mtr.)" 5. Aggrieved, assessee preferred appeal before the CIT(A). The CIT(A) confirmed the action of the AO. Aggrieved, assessee is in app....

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.... detailed report which reads as under: "It is submitted that Mr. Sanjeev Mittal S/o Sh. Megh Raj Mittal approached us for Valuation of the Plot No. SC-021-C(D) measuring 500 Sq. Ydsın Narayan Vihaar O- Phase 2 situated at Asarpura/ Ganpatpura/Bhankatora Ajmer Road. Jaipur (Rajasthan) for the period/ year 2016 2. Mr. Sanjeev Mittal informed that he had purchased rights in the said residential plot from M/s Shree Salasar Overseas Private Limited for an amount of Rs 5,00,000/- (Rs Five Lakh only) on 13.07.2012 vide Provisional Allotment Letter dated 13.07.2012 and payment was made on 02 10 2012 Thereafter Mr. Sanjeev Mittal sold the rights of the Plot on 20.09.2016 for an amount of Rs 5.25.000/- (Rs. Five Lakh T....

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....istrar i.e. circle rate / DLC rate of residential property at 6800 sq. meter. When these facts were confronted to learned Sr. DR, she only requested that matter can only be restored back to the file of the AO for ascertaining the fair market value, which can be ascertained after referring the same to DVO. 8. After hearing both sides and going through the contentions raised, we are of the view that this being a small matter pending since long. Full facts are available admittedly. It is a fact that this is a residential plot as per the provisional allotment letter, which does not clearly depict whether it is commercial or residential and no enquiry has been conducted. The Registered Valuer has verified and found that this is a residential ....