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The Tax Publishers Dy. CIT v. Aditya Finwealth (P) Ltd. [I.T.A. No. 5133/Mum/2014, dt. 6-5-2016] : 2016 TaxPub(DT) 2268 (Mum-Trib) Section 50C application where returned value is more than *Facts:* Assessee textile manufacturer had sold a property with structures for 40 crores comprising land at 38 crores and structures at 2 crores. Stamp value was 25 crores. Based on duration of holding land was offered as LTCG and structure as STCG. Assessing Officer applying section 55A referred to DVO whose valuation was 38 crores for the land and 2.52 crores for the structures. On show caused why the DVOs value should not be taken, assessees plea was the stamp value was lower than the market value, thus DVOs invocation was unwarranted. On appeal Commissioner (Appeals) negated the addition. Aggrieved department knocked the ITAT: Held in favour of the assessee that there was no reason to invoke section 55A as the sale value was more than the stamp value.

The Tax Publishers

Dy. CIT v. Aditya Finwealth (P) Ltd. [I.T.A. No. 5133/Mum/2014, dt. 6-5-2016] : 2016 TaxPub(DT) 2268 (Mum-Trib)

Section 50C application where returned value is more than

Facts:

Assessee textile manufacturer had sold a property with structures for 40 crores comprising land at 38 crores and structures at 2 crores. Stamp value was 25 crores. Based on duration of holding land was offered as LTCG and structure as STCG. Assessing Officer applying section 55A referred to DVO whose valuation was 38 crores for the land and 2.52 crores for the structures. On show caused why the DVOs value should not be taken, assessees plea was the stamp value was lower than the market value, thus DVOs invocation was unwarranted. On appeal Commissioner (Appeals) negated the addition. Aggrieved department knocked the ITAT:

Held in favour of the assessee that there was no reason to invoke section 55A as the sale value was more than the stamp value.