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2013 (2) TMI 237 - CALCUTTA HIGH COURTApplicability of Section 50C - Assessee contended that Tribunal erred in applying section 50C to the case of the assessee because the valuation of the land for the purpose of stamp duty was yet to be assessed - as going by the definition of word ‘Transfer’ from s.2(47)(v) the sale was completed when the consideration was received in the financial year 2005-06 and the possession had already been given in the year 1996 pursuant to an agreement for sale - Held that:- Not been impressed by this submission as it is true that ‘Transfer’ has been defined in Section 2(47) but the aforesaid definition was made before Section 50C was introduced to the Income Tax Act. After section 50C was introduced in the year 2003, the value of the land or building or both sold or otherwise transferred has to be the value assessed by the authority of the State Government for the purpose of stamp valuation. The submission that in the financial year 2005-06 when the consideration was received, the Deed of Conveyance had not even been executed has not found favour for the simple reason that the intention of the Parliament is that in a case where the land or building or both are sold or otherwise transferred, such transfer shall be deemed to have taken place only after the stamp duty has been assessed by the State Government, because it is on the valuation made for the purpose of stamp duty that the tax is payable under the Income Tax Act. By adopting devices to defeat the provision, the assessee cannot be heard to contend that section 50C would not be applicable merely because the Deed of Conveyance had not at that time been executed or registered. The contention that the property stood transferred in the financial year 2005-06 when the sale proceeds were received on the basis of the definition appearing from s.2(47)(v)is without any substance. Designs to evade tax cannot be permitted. The appeal raises no substantial question of law and is, therefore, dismissed.
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