TMI Blog2010 (4) TMI 290X X X X Extracts X X X X X X X X Extracts X X X X ..... hase of immovable property should be lower than the value adopted and assessed by the Stamp Valuation Authority. On facts it was found that the consideration amount declared by the assessee in the sale deed has been duly accepted by the Stamp Valuation Authority and was not lower than the value assessed by the Stamp Valuation Authority, therefore, Section 50C(1) of the Act could not have been invo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al filed under Section 260-A of the Income-tax Act, 1961 (for brevity, 'the Act'), is directed by the revenue, challenging order dated 31.12.2008, passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'A', Chandigarh (for brevity, 'the Tribunal'), in I.T.A. No. 758/Chandi/2008, in respect of the Assessment Year 2005-06. The Tribunal has reached the conclusion that one of the requirements ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer that the value adopted by the Stamp Valuation Authority exceeds the fair market value of the property on the date of transfer. The claim of the assessee is that the consideration stated in the transfer deed is the market value, which stands accepted by the Stamp Valuation Authority. It has further been held that in accordance with sub-section (3) of Section 50C of the Act, if the value asce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... warranting admission of the appeal. In any case, Hon'ble the Supreme Court in the case of K.P. Verghese v. I.T.O., 131 I.T.R. 597 (SC), has held that in order to justify the impugned condition there has to be some evidence to show that the amount actually received was more than the amount shown in the transfer deed which was presented for registration. There has been no evidence produced on recor ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
