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2008 (4) TMI 419 - AT - Income TaxComputation of capital gain - Determination of sale value consideration - Application of section 50C - property registered @ Rs. 220.81 per sq. yd. - contention of the Department is that the value of the land is at Rs. 500 per sq. yd. - HELD THAT:- In the present case, the property is registered at particular rate, which is adopted for registration purpose and there is no question of replacing the valuation adopted by the stamp valuation authority with the DVO for the purpose of computing the capital gain. The purpose of s. 50C is that the property, which is under transfer from the assessee to another person, should have been assessed at higher value for stamp valuation purpose than that received by the assessee. Since the stamp valuation authority had accepted the consideration declared by the assessee in sale deed, there is no question of once again referring the matter to the DVO. Accordingly, we allow the ground taken by the assessee. In the result, the appeal of the assessee is allowed.
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