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2021 (5) TMI 534 - AT - Income TaxComputation of capital gain - adoption of value of the property as per registered sale deed for the purpose of Section 50C - enhanced value of the property was challenged before the Rajasthan Tax Board and the Rajasthan Tax Board has since passed an order dated 14.08.2012 wherein the order dated 20.08.2010 of the Collector Stamp enhancing value of the property @ ₹ 77,03,999/- has been set aside - HELD THAT:- Once the Rajasthan Tax Board has given its verdict and set-aside the order of the collector stamps wherein the latter has enhanced the value of the property, there is no basis left with the taxing authorities not to accept the same. We further fail to understand why even the ld CIT(A), being the appellate authority failed to appreciate the same and insisted on passing of the appeal effect order. In any case, we find that the assessee has since filed a copy of the order dated 24.06.2020 passed by the stamp duty authorities wherein the stamp duty on the enhanced value deposited by the buyer was directed to be refunded pursuant to and giving effect to the order of Rajasthan Tax Board dated 14.08.2012. Where the stamp duty authorities have accepted the original value of the property as per the sale deed, there is no basis left with the AO to continue to apply the enhanced value and we hereby direct the Assessing Officer to consider the original value of the property as per registered sale deed @ ₹ 23,00,000/- for the purpose of Section 50C of the Act and compute capital gains accordingly. In the result, the sole ground taken by the assessee is allowed.
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