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2013 (9) TMI 563 - AT - Income TaxValuation u/s 50C - Enhancement of sale consideration - Held that:- Commissioner of Income-tax (Appeals) called a specific report from the Tehsildar-cum-Sub-Registrar, Ludhiana, regarding location and applicable circle or collector rate in the financial year 2006-07 and the stamp valuation authority informed him that the land sold was situated at village Dhandari Khurd and applicable circle of collector rate for the said land in the year 2006-07 was Rs. 1,300 per sq. yd. and the sale consideration actually received by the assessee was much higher than the above circle rate. CIT(A) rightly held that unless the property transferred has been registered by sale deed for the purpose of the value has been assessed and stamp duty has been paid by the parties then section 50C of the Act cannot come into operation. In such a situation, the position existing prior to section 50C of the Act would apply and the onus would be upon the Revenue to establish that the sale consideration declared by the assessee was understated with some clinching or comparable evidences. Assessing Officer was working on the wrong location of the land sold and the learned Commissioner of Income-tax (Appeals) passed the impugned order on the basis of report submitted by the Revenue authority as well as the Sub-Registrar and he rightly held that the land sold was located at village Dhandari Khurd and the applicable collecteral rate on that land was Rs. 1,300 per sq. yd. and the assessee sold the land at much higher price than the collector or circle rate. Therefore, we are constrained to hold that the findings of the learned Commissioner of Income-tax (Appeals) in the impugned order are based on the reports of the Revenue authorities and there is no reason before us to interfere with the same - Decided against Revenue.
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