IN HIGH COURT OF KARNATAKA, DHARWAD BENCH DATED THIS 12TH DAY OF JULY, 2017 PRESENT HON BLE MR.JUSTICE A.S.BOPANNA AND HON BLE DR.JUSTICE H.B. PRABHAKARA SASTRY ITA NO.100096/2015 BETWEEN: M/S. AKAAR FOUNDARIES PVT. LTD., M-31, INDUSTRIAL ESTATE, UDYAMBAG, BELGAUM, REPTD. BY ITS MANAGING DIRECTOR, SRI ASIM KAMAT, AGED 41 YEARS, SON OF SRI ASHOK. APPELLANT (BY SRI.H.R.KAMBIYAVAR, SRI V.K.GURUNATHAN FOR SRI. S. PARTHASARATHI, ADV..) AND: ADDL. COMMISSIONER OF INCOME-TAX, RANGE-1, BELGAUM. RESPONDENT (BY SRI. Y.V.RAVIRAJ, ADV.) THIS ITA IS FILED UNDER SECTION 260A OF INCOME-TAX ACT 1961 PRAYING TO (A) FORMULATE :2: SUBSTANTIAL QUESTIONS OF LAW AND (B) ALLOW APPEAL AND SET ASIDE ORDER OF INCOME-TAX APPELLATE TRIBUNAL DATED 04.03.2015 BEARING ITA NO.142/PNJ/2014 FOR ASSESSMENT YEAR 2006-07. THIS APPEAL COMING ON FOR ADMISSION THIS DAY, A.S.BOPANNA J., DELIVERED FOLLOWING: JUDGMENT appellant is before this Court assailing order dated 04.03.2015 passed in ITA No.142/PNJ/2014. Assessing Authority while taking note of returns of appellant for assessment year 2006-07, in respect of sale transaction assessed same by taking into consideration stamp value assessment in respect of property in question. same has been upheld by appellate authority, as well as Tribunal. It is in that circumstance, appellant is before this Court. 2. learned counsel for appellant though seeks to contend that question of law as raised in this appeal arises for consideration, essentially :3: what requires to be noticed by us is with regard to nature of consideration that is made by competent authorities keeping in view Section 50C of Income Tax Act, 1961, which is relevant in present circumstance. 3. In that regard on taking note that transaction disclosed by assessee regarding sale of immovable property for purpose of consideration of capital gains at Rs.61,00,000/-, keeping in view fact that stamp value assessment for it had fixed value of such property at Rs.92,52,000/, Assessing Officer has taken into consideration same. However, in view of objections raised by assessee and keeping in view provisions contained in Section 50C, reference was made to District Valuation Officer, Bengaluru. District Valuation Officer through order dated 17.12.2008 has fixed fair market value of property in question at Rs.1,50,11,400/-. It is in that light having kept in view provision of Act :4: and procedure that was required to be adopted, since in that circumstance, value fixed by stamp valuation authority was necessary to be taken into consideration, value of Rs.92,62,000/- was taken into consideration and assessment has been completed. consideration as made therein has been upheld by Tribunal as well. 4. Therefore, in circumstance where provision of law has been kept in view and procedure has been followed, at this juncture to contend that question of law arises in this appeal would not be acceptable. learned counsel for appellant no doubt would seek to contend that consideration as made by Tribunal by taking note of decision of High Court of Panjab & Haryana in case of Commissioner of Income Tax Vs. Smt. Shweta Bhuchar (2010) 192 Taxman 67 (P&H) is not appropriate. However, what is to be taken note is that what has been indicated therein is with regard to :5: procedure to be adopted under Sec. 50C of Act. As noticed in instant case, procedure has been adopted and stamp value assessment is applied. Further though learned counsel for appellant contends that valuation as made by District Valuation Officer is without basis, said aspect cannot be considered in appeal of present nature by treating it as question of law for consideration herein as assessment made therein factual determination. 5. In that view, we find there is no question of law for consideration herein. appeal being devoid of merit, stands disposed of. Sd/- JUDGE Sd/- JUDGE *Svh/- Akaar Foundaries Pvt. Ltd. v. Addl. Commissioner of Income-tax, Range-1, Belgaum