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2023 (8) TMI 80 - AT - Income TaxAddition u/s 56(2)(x) - difference in stamp duty value and the consideration paid by the assessee as the highest bidder - assessee is a firm with three partners and purchased a property in the auction - CIT(A) deleted the addition - HELD THAT:- We find that the coordinate bench of the Tribunal in Krishi Utpanna Bazar Samittee [2014 (3) TMI 1114 - ITAT PUNE] after considering the aforesaid circular issued by the Government of Maharashtra held that the consideration stated in the sale deed pursuant to the public auction is to be accepted as the fair market value. Thus the consideration paid by the assessee, being the higher/successful bidder, of the e-tender floated by the aforesaid bank is the fair market value of the property in the facts and circumstances of the present case. Thus, we find no infirmity in the impugned order passed by the learned CIT(A), and accordingly, the same is upheld. Decided in favour of assessee.
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