Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (2) TMI 456 - ALLAHABAD HIGH COURTValuation - valuation done by the Stamp Valuation Authorities would be taken as sale consideration or - valuation done by the D.V.O. should be taken - Assessee entered into an agreement for sale for a consideration of Rs.51,75,000 - Stamp Authorities levied the stamp duty on a value of Rs.1,38,00,000/- as per the circle rate - A.O. invoked the provisions of section 50C i.e. sale consideration Rs.1,38,00,000 – Held that:- Section 50C provides that where the consideration declared to be received or accruing as a result of the transfer of land or building or both is less than the value adopted or assessed by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed shall be deemed to be the full value of the consideration - Further where the assessee claims that the value adopted or assessed for stamp duty purposes exceeds the fair market value of the property as on the date of transfer, the Assessing Officer may refer the valuation of the relevant asset to a Valuation Officer in accordance with section 55A of the Income Tax Act - This preposition of law has been upheld in the case of C.W.T. vs. Dr. H.Rahman[1991 (2) TMI 97 - ALLAHABAD HIGH COURT] - It is crystal clear that generally, when the A.O. has obtained the D.V.O. Report then the same is binding – Against the revenue.
|