NIRANJANA PALIWAL,NOIDA vs. ITO, NOIDA

This appeal by the assessee for the assessment year 2009-10 is directed against the order of learned CIT(A)-I, Noida dated 28th March, 2017.

The assessee has raised the following grounds :-

However, at the time of hearing before us, no argument was raised by the assessee with regard to ground No.1. Accordingly, the same is treated as not pressed and rejected as such.

Ground Nos.2, 3 & 4 are interconnected and they are all with regard to computation of capital gains by taking the presumptive sale price as per deeming provision of Section 50C. The learned counsel for the assessee contended that the assessee filed the return declaring capital gain as per actual sale consideration received. However, the Assessing Officer worked out the capital gain by taking the deemed sale consideration as provided u/s 50C. That the Assessing Officer did not allow any specific opportunity to the assessee before taking the deemed sale consideration u/s 50C as against the actual sale consideration. He also stated that the assessee filed the return declaring actual sale consideration which itself proves that the assessee has objected to the deemed sale consideration u/s 50C and, therefore, the Assessing Officer ought to have referred the matter to the Valuation Officer as provided in Section 50C(2).

Learned DR, on the other hand, relied upon the orders of authorities below.

We have carefully considered the submissions of both the sides and perused the material placed before us. From a perusal of the assessment order, it is evident that the Assessing Officer did not allow any specific opportunity to the assessee before adopting the stamp

In the result, the appeal of the assessee is deemed to be partly allowed for statistical purposes. Decision pronounced in the open Court on 02.11.2017.