Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 502 - AT - Income TaxLong term capital gains - invoking Section 50C - assessee filed an affidavit stating therein that he had gifted to his relatives the above property - HELD THAT:- In the instant case, there is no gift deed as it has not been filed before the AO or CIT(A) or the Tribunal. In absence of a gift deed, the affidavit dated 12.05.2017 filed by the assessee loses significance. The contentions of the assessee are that provision of section 50C is not applicable because (i) he has transferred the above immovable property to one of his relative and (ii) the difference between the transaction value and stamp duty value is the gift made by the assessee to the relative are far fetched because the assessee has not filed any gift deed either before the AO or CIT(A) or the ITAT. The attempt to rope in section 56(2)(vi) by the assessee fails because there is no gift deed. All the more, as mentioned earlier, the assessee had not disclosed any capital gains from the sale of the above property. Only after the AO noticed that the assessee had sold an immovable property as per ITS details for ₹ 28,00,000/- under Registration No. 2982/2012 and issued a notice u/s 142(1) dated 11.09.2015 and thereafter followed it on 16.11.2015, the assessee filed a revised computation of income working out the capital gains i.e. LTCG at ₹ 13,11,224/- and claimed that provisions of section 50C is not applicable as it was sold to his brother-in-law and brother-in-law’s wife. The fact remains that the computation of LTCG filed by the assessee is not voluntary. It has been furnished only after the issue of notice u/s 142(1) dated 11.09.2015 issued by the AO and followed thereafter by order sheet notings dated 16.11.2015. As decided in VIMAL CHAND GHEVARCHAND JAIN & ORS. VERSUS RAMAKANT EKNATH JAJOO [2009 (3) TMI 997 - SUPREME COURT] Section 50C makes it obligatory on the part of the AO to treat the value adopted by the stamp valuation authority as the deemed sale consideration received or accrued as a result of transfer. - Decided against assessee.
|