Whether A.O. can refer to D.V.O. if sales consideration is equal to more than Stamp Duty Valuation?

Описание: [2023] 108 ITR (Trib.) (S.N.) 69

(#Delhi #ITAT D – Bench)

#Akash #Garg
V.
Deputy Commissioner of Income-Tax
(#International #Taxation)

Shamim Yahya (A.M.) and Challa Nagendra Prasad (J.M.)

04.12.2023

Playlist: 50C(1)

#50C: Special provision for full value of consideration in certain cases

A.Y: 2018-19/Assessee

Question: Whether A.O. can refer to D.V.O. if sales consideration is equal to more than #Stamp #Duty #Valuation?

1. Under section 50C(1) of the Income-Tax Act, 1961, if the sale consideration is less than the value adopted by the stamp valuation authority, the value so adopted by the stamp valuation authorities shall be deemed to be the full value of consideration.

2. Therefore, when the sale consideration is more than or equal to the circle rate reference to Valuation Officer to find out the fair market value of the property is not justified.

3. Where the sale consideration received on transfer of capital asset was Rs. 70,30,000 and the stamp valuation or circle rate of the said properties was also valued at Rs. 70,30,000 for the purpose of stamp duty by the stamp valuation authorities and the Assessing Officer in computing the capital gains considered the valuation of the Departmental Valuation Officer as the fair market of the property instead of the value shown by the assessee, on appeal.

4. It was held accordingly by allowing the appeal that the assessee had reported a sale consideration which was equal to stamp valuation adopted by the stamp valuation authorities in other words the circle rate, and not less than the circle rate.

5. Thus, the reference to Valuation Officer in the case of the assessee was bad in law and the addition made to the long-term capital gains would not survive.

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Link for some important videos:

1) WHETHER TRIBUNAL CAN REMAND MATTER IN ENTIRETY WHERE DEPARTMENT DID NOT FILE CROSS APPEALS?- https://www.youtube.com/watch?v=gkqMk...

2) WHETHER ASSESSEE HAS ALSO TO CHALLENGE THE FINDINGS OF THE A.O THAT NOTICE HAS BEEN SERVED?- https://www.youtube.com/watch?v=XbZWh...

3) WHETHER EXTENDED TIME LIMIT U/S 149(1)(b) CAN BE USED ON THE BASIS OF SALES CONSIDERATION U/S 48?- https://www.youtube.com/watch?v=WuRt9...

4) WHETHER NOTICE SENT TO SECONDARY EMAIL IS VALID IF NOT SENT TO PRIMARY E-MAIL U/S 148?- https://www.youtube.com/watch?v=aAzHE...

5) WHETHER ENTRIES IN BOOKS OF ACCOUNTS CONCLUSIVE TO DETERMINE TAXABLE INCOME OF ASSESSEE?- https://www.youtube.com/watch?v=Rx8JQ...