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2010 (7) TMI 123 - HC - Income TaxProceedings u/s 269A – transfer of property at price lower than market price – Held that: - When a deed of conveyance in respect of an immovable property is executed one has to estimate some value thereof for the purposes of payment of stamp duty and registration charges. When the parties mentioned the consideration in the deed of conveyance dated 25.9.1986 it was for that purpose and not as the real consideration for the conveyance which as stated was a transaction of exchange of a house for a house. It is possible that the manner in which the Valuation Officer and the learned Competent Authority have determined the value of the Delhi property, the value of Ludhiana property determined by them might have been about Rs. 28,00,000/-. Therefore, in the absence of that exercise it is not possible to say that the consideration for the property in question is under stated in the deed of conveyance. – Decision of ITAT confirmed
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