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2019 (12) TMI 307 - AT - Income TaxCapital gains - relevant date for determination of stamp duty value - At the time of transfer of ownership of property (i.e. sale deed) or date of agreement to sale - A.O rejected assessee’s proposal to adopt stamp value authority value of F.Y 2009-10, on the ground that property was transferred in the A.Y 2010-11 and capital gain was taxable in A.Y 2010-11 - HELD THAT:- The provision of new sec. 43CA under the Act introducing the provisions for taxability of transfer of immovable property (land or building or both) held in the nature of stock in trade, is also applicable on the similar lines which are applicable for immovable property held in the nature of “capital asset” under section 50C of the Act - Thus, the stamp duty value as on date of initial agreement in the year 2010 can be adopted for the purpose of Sale consideration. A.O is directed to compute capital gain by taking stamp duty value as on date entering agreement in the year 2010, in so far as in the year of entering into agreement assessee had received part payment of ₹ 7,07,000/- by account payee cheque - A.O is liberty to verify the fact of payment received by account payee cheque. The appeal of the assessee is allowed.
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