Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (10) TMI 842 - HC - Income TaxRevision u/s 263 - differences between actual sale consideration paid and market value fixed by the Registering Authority - proposal of the PCIT to invoke Section 56(2)(vii) - HELD THAT:- Commissioner has not dealt with the aspects with regard to the argument that 'transfer' within the meaning of Section 2(47)(v) had taken place as there has been part performance of the Contract of Sale. Commissioner interfered with the Assessment Order and directed the AO to assess differential amount of ₹ 24,00,000/-. On appeal before the Tribunal, the Tribunal in our considered view took a correct decision by examining the factual aspects in its entirety and also noted the legal position as to the effect of guideline value fixed by the Government. The settled legal position is that the guideline value has been fixed by the Government for the purpose of computing the Stamp Duty payable on an instrument and the guideline value would not reflect the market value of the property. In support thereof, several decision has been referred. As pointed out, the Tribunal has rightly noted the legal position and considering the entire facts found that the additions made by the PCIT and the order passed under Section 263 of the Act is unsustainable. - Decided in favour of assessee.
|