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2018 (10) TMI 1992 - AT - Income TaxAddition of Long term capital gain - Transfer of capital asset u/s 2(47) - relevant date of transfer - addition invoking the provisions of section 50C - valuation of the impugned property as per the stamp duty guideline for A.Y. 2007-08 - HELD THAT:- As joint property was owned by both the assessees who are husband and wife - we find that the assessee has been successful to demonstrate that there was a valid transfer of the impugned capital asset as per the provision of section 2(47) of the Act on 24.03.2007 as the assessee received total sale consideration through account payee cheque and possession was also given to the buyer and the assessee offered the capital gain from the impugned transfer in its income tax return for F.Y. 2007-08. We, therefore, are of the considered view that both the lower authorities erred in applying the valuation of the impugned property as per the stamp duty guideline for A.Y. 2007-08, merely for the reason that sale deed was registered on 04.08.2007. No addition was therefore, called for by applying the value of property at Rs.1,23,00,000/-. We accordingly delete the addition each made in the hands of both the assessees and allow the ground raised in both the appeals.
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