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2021 (6) TMI 340 - AT - Income TaxCapital gain computation - transfer transaction within the realm of Sec. 50C - tenancy rights determined - HELD THAT:- Variance/difference between the value of the “tenancy rights” of the property in question that was disclosed by the assessee for the purpose of computing the LTCG on the transfer of the same, as against that determined by the District Valuation Officer-II, Mumbai worked out at a marginal figure of 2.81% thus, the CIT(A) was of the view that as the said variance was well within the tolerable limits the same could safely be ignored. CIT(A) backed by his aforesaid observation had directed the A.O to accept the value disclosed by the assessee for the purpose of computing the LTCG on the transfer of the property in question. We have deliberated at length on the observations of the CIT(A) and are of a strong conviction that no infirmity emerges there from. Observing that the variance in the value of the “tenancy rights” adopted by the assessee as the sale consideration (as per the deed for transfer of tenancy rights”, dated 17.09.2013) and the fair market value of such tenancy rights determined by the District Valuation Officer-II, Mumbai vide his order passed u/s 55A Of the Act, dated 01.06.2017 worked out at a marginal figure of 2.81%, the CIT(A) had rightly directed the A.O to accept the sale consideration reflected by the assessee, as such. Accordingly, concurring with the well reasoned view taken by the CIT(A), we uphold the same. Appeal filed by the revenue is dismissed.
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