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2019 (11) TMI 930 - AT - Income TaxComputation of capital gain - relevant date for stamp value - agreement to sell entered during the FY 2009-10 and got registered - Actual transfer took place during FY 2011-12 - determination of full sale consideration for a sale of capital asset on the basis of which capital gain required to be computed - HELD THAT:- In the present case, stamp duty valuation authority has not adopted the value. It is the party who agreed to pay stamp duty at an enhanced value of ₹ 6,47,14,285/-. The payments of higher stamp duty at the end of the vendee was not effecting any rights of the assessee. They were not under any financial obligation. The stamp duty valuation authority would not object payment of higher stamp duty at the end of the vendees. Had they disclosed a lower value, probably they would have adopted a higher value according to the rates notified by them. The stamp duty payment at the end of the vendee is roughly 6% to 8% of the value so mutually agreed by them. But that mutual agreement would not authorise the AO to deem it full sale consideration. The full sale consideration is to be deemed at the value which is assessable by the stamp duty valuation authorities, and if the rates notified by the stamp duty valuation authority are taken into consideration, then such value would come far less than the value disclosed by all the appellants, while computing the capital gain. The area sold by the appellant was 24,888 sq.yards. If it is multiplied by ₹ 250/- then it comes out to roughly ₹ 62.22 lakhs. If it is multiplied by ₹ 300/-, then it comes to ₹ 74,66,400/-. The sale consideration disclosed jointly by all the appellants is ₹ 1,10,00,000/-, which is far more than the value ought to be adopted for the purpose of stamp duty. Therefore, we are of the view that no addition deserves to be made in the hands of the appellants on account of long term capital gain. - Decided in favour of assessee.
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