Held\u00a0 that once the fact was brought to the notice of the Assessing Officer that this property was purchased for a sum of Rs. 2.38 crores and it was actually being sold after three and half months for Rs. 2.80 crores before deeming its sale value at Rs. 3,90,00,000 the Assessing Officer ought to have applied his mind and ought to have got its value determined by the District Valuation Officer. Both orders were to be set aside and the issue remanded to the Assessing Officer for readjudication. The Assessing Officer was to call for a valuation report under section\u00a050C(2)\u00a0for determining the fair market value of the property on the date of transfer. The Assessing Officer was also to decide whether the gains were to be assessed as a capital gains or business income as the assessee claimed.(AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 50C : Capital gains-Full value of consideration-Stamp valuation Sale of property within three and half months of purchase-Assessing Officer ought to have referred valuation to District Valuation Officer-Order set aside and issue remanded with the direction to call valuation report. [S. 45-48(1), 50C(2) <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-44197","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-buR","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=44197"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44197\/revisions"}],"predecessor-version":[{"id":44198,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44197\/revisions\/44198"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=44197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=44197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=44197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}