TMI Blog2010 (6) TMI 672X X X X Extracts X X X X X X X X Extracts X X X X ..... d a plot of land measuring 96.18 sq. mtrs. and a building measuring 572.5 sq. mtrs. at a cost of Rs. 21,00,000 and paid a stamp duty amounting to Rs. 1,76,400. However, the concerned authority charged an additional stamp duty of Rs.66,612 valuing the property at Rs. 28,93,000. Consequent to the possession of this information the Assessing Officer reopened the assessment under section 148 on March 18, 2009 and issued a show-cause notice to the assessee on November 4, 2009. Rejecting the contention of the assessee that the provisions of section 50C of the Income-tax Act is not applicable in the case of the assessee, the Assessing Officer concluded that the assessee has undervalued the property by an amount of Rs. 7,93,000 and made the additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the actual sale price. The higher registration value in itself does not prove the fact that the transaction has taken place at a figure different from that recorded by the appellant's books. On the other hand, the deeming provision introduced by section 56 as rightly pointed out by the authorised representative, are applicable from October 1, 2009 and, therefore, it is to be assumed that prior to this such a difference between the value as per documents and value as per stamp duty authorities is not to be treated as a gift and hence not to be treated as income. 2.4 Hence, considering all the aspects, the addition of Rs. 7,93,000 is deleted." The learned Departmental representative relied upon the order of the Assessing Officer and submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed by the assessee through registered sale deeds. The assessee claimed that she has paid actual consideration which is recorded in the sale deeds. The additional stamp duty was imposed upon the assessee as per the rate prescribed by Jantri. The Stamp Valuation Authority adopted such valuation as per the Jantri which is notional value for the purpose of determining the stamp duty payable. The Assessing Officer has not brought any evidence on record that the assessee in fact had paid more consideration as against the consideration recorded in sale deeds. No material is brought on record to prove that the assessee had invested more than what had been shown in the sale deeds. It was, therefore, an inference of the Assessing Officer that the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
