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Stamp duty valuation decided S.N.Wadiyar Vs. CWT (2015)(378 ITR 9)(SC).
Stamp duty valuation decided S.N.Wadiyar Vs. CWT (2015)(378 ITR 9)(SC).
AO noticed valuation for stamp duty purposes. Sale consideration with stamp duty valuation as per sec. 50C. AO did same in case of assessee & no adjutant was made in case co-owner. On appeal CIT(A) directed AO to obtain valuation report DVO. On appeal ITAT viewed that this issue requires fresh examination in light of decision rendered by Hon'ble Supreme Court in case of S.N.Wadiyar Vs. CWT (2015)(378 ITR 9)(SC).-500907
Facts in Brief: 1. AO noticed that the valuation adopted for stamp duty purposes. 2. AO substituted the value of sale consideration with the stamp duty valuation as per the provisions of sec. 50C of the Act.3. AO has done so in the case of the assessee only and no adjustment was made in the case of other two co- owners.4. On appeal, CIT(A) directed AO to obtain a valuation report from the DVO, who estimated the value at Rs.117.03 lakhs. 5. Accordingly, the Ld CIT(A) directed the AO to recomputed the capital gains by adopting the sale consideration at Rs.117.03 lakhs.On appeal ITAT held, 6. Court was of view, we are of the view that this issue requires fresh examination in the light of the decision rendered by Hon'ble Supreme Court in the case of S.N.Wadiyar Vs. CWT (2015)(378 ITR 9)(SC).
