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2016 (5) TMI 425 - AT - Income TaxSale consideration determined by Stamp Duty Authority for value determined by DVO - Held that:- We have observed that for the purpose of computation of capital gain, the full value of consideration received has to be taken based upon the actual value of sale of property which is higher than the stamp duty value in accordance with the provisions of section 50C of the Act. In this case the full value of the property is comprised of land and building amounting to ₹ 40 crores while the stamp duty value determined. In our considered opinion, the A.O. erred in referring the matter to the DVO u/s 55A as reference can only be made if the stamp duty value is higher than the agreement value. We do not find any infirmity in the order of the ld. CIT(A) and we confirm the same. In our considered view, the addition made by the A.O. cannot be upheld. - Decided in favour of assessee.
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