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2010 (1) TMI 502 - HC - Income TaxCpaital Gain - computation - sale consideration - valuation u/s 50C - As against the purchase price disclosed in the sale deed at ₹ 17,06,700, the Assessing Officer has adopted the purchase price of the property at ₹ 30,32,000, which is assessed for the purpose of paying the stamp duty - CIT hold that value adopted or assessed by any authority of the State Government for the purpose of payment of stamp duty in respect of land or building cannot be taken as sale consideration received for the purpose of section 48 of the Act. - The Tribunal also held that valuation done by any State agency for the purpose of stamp duty would not ipso facto substitute the actual sale consideration as being passed on to the seller by the purchaser in the absence of any admissible evidence - Revenue also raised a plea that the Assessing Officer has wrongly made a reference to section 50C while making the addition, in fact, the addition is made under section 69B on account of unexplained investment in the property Held that: - The assessee-respondent has discharged the burden of proving the sale consideration as projected in the sale deed. Moreover, learned counsel for the Revenue has not been able to point out that the view taken by the Allahabad High Court in Smt. Raj Kumar Vimla Devi's case [2005 -TMI - 10755 - ALLAHABAD High Court] has been challenged before the hon'ble Supreme Court and the same has been rejected - revenue petition dismissed
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