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2021 (9) TMI 300 - HC - Income TaxValuation of Gift - Whether the guideline value for the purpose of the valuation of stamp duty and registration can be taken the basis for the purpose of determining the value of gift as against the value as per Schedule II of Gift Tax Act? - Penalty - HELD THAT:- The valuation of the property was done in terms of the provisions of the Gift Tax Act and in the process of doing such evaluation, the Assessing Officer relied upon the registered sale deeds and the stamp duty which was paid on such instruments though the apparent sale consideration reflected in those documents were less. In any event, this being a question of fact, the burden was on the assessee to prove that what he receive was only ₹ 3 lakhs from the purchaser/partnership firm and not ₹ 15,34,500/-. This aspect of the matter having not been established by the assessee, we find that the Tribunal rightly affirmed the orders passed by the authorities below. Thus, adequate relief has been granted to the assessee by the Tribunal and there is nothing to interfere with such order - the substantial question of law is answered against the assessee - appeal dismissed.
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