The assessee sold its office premises. The registering authority determined the market value of the assessee\u2019s office premises for the purpose of stamp duty at\u00a0 higher value than shown in the agreement. \u00a0\u00a0The AO adopted this value as deemed consideration and computed the capital gains. CIT(A) up held the addition. \u00a0On appeal the Tribunal held that the AO is duty bound to make a reference to the Valuation Officer before adopting the value of assets determined by the stamp valuation authority for the purpose of computing capital gains even without there being any objection raised by the assessee. \u00a0The AO\u00a0 was directed to decide afresh after making a reference to the District Valuation Officer for determination of the market value of the property sold by the assessee. \u00a0Relied\u00a0 Sunil Kumar Agarwal v. \u00a0CIT ( 2015) 372 ITR 83 (Cal) (HC) ( AY 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 50C : Capital gains-Full value of consideration-Stamp valuation\u2013Value determined by registering authority\u2013AO is bound to make a reference to Valuation Officer before adopting, without objection raised by the assessee-Matter remanded to the AO to refer the matter to Valuation Officer for determination of market value. [S. 45]<\/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":[1],"tags":[],"class_list":["post-8595","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2eD","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8595","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=8595"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8595\/revisions"}],"predecessor-version":[{"id":8596,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8595\/revisions\/8596"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}