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2021 (10) TMI 904 - AT - Income TaxCapital gain computation - Addition under the provision of section 50C - value to be determined for the purpose of the stamp duty as applicable at the time of agreement - HELD THAT:- As there is no dispute to the fact that the assessee has received the consideration in the financial year under consideration and therefore the stamp duty value as applicable at the time of agreement should be adopted as sale consideration for working out the capital gain. The revised Jantry value/ stamp value which came with effect from 11 April 2011 and applicable from the assessment year 2012-13 cannot be adopted as sale consideration for the purpose of calculating the capital gain. To this extent, we disagree with the orders of the authorities below. At the time of hearing a question was put to the AR to provide the stamp duty value as applicable at the time of agreement - he failed to bring anything on record but contended that the stamp duty value at the time of agreement was more than the amount of sale consideration shown therein. However, we disagree with the contention of the assessee in the absence of any documentary evidence. No addition made in the hands of the co-owner namely Shri Dharatbhai Prahald Bhai Patel on account of the difference in the amount of sale consideration viz a vis stamp duty valuation. For this purpose, the learned AR drew our attention on the assessment order framed under section 143(3) read with section 147 in the case of Shri Dharatbhai Prahald Bhai Patel - stamp duty valuation as shown by Shri Dharatbhai Prahald Bhai Patel as sale consideration was admitted by the revenue. Accordingly the AR contended that same value should also be adopted in the present case. DR at the time of hearing has not brought anything on record against the argument advanced by the learned AR for the assessee. Accordingly we agreed the contention of the AR for the assessee. It is because the Revenue is precluded from taking different stand with respect to the different assessee for the common property. Hence, we set aside the finding of the learned CIT (A) and direct the AO to delete the addition made by him. Thus the ground of appeal of the assessee is allowed.
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