TMI Blog2013 (10) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... ction, surely, the case of the Revenue would have been justified - Except for making reference to the juntry rates and pointing out that the juntry rate is 2.2 times higher than the sale consideration disclosed by the assessee, the Assessing Officer has brought no evidence on the record to establish that the sale deed did not reflect the full sale consideration - All that the assessee did was to apply a deeming fiction provided under Section 50C without admitting so, it was not in dispute that the plot was held as "stock in trade" and therefore sale thereof gives rise to the business income and not to capital gain – Decided against the Revenue. - TAX APPEAL NO. 911 of 2012 - - - Dated:- 6-3-2013 - AKIL KURESHI AND SONIA GOKANI , JJ. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... easuring 3,458.53 sq.mtrs. during the period relevant to Assessment Year 2008-09 for a total sale consideration of Rs. 49,06,492/=. He had sold such land at Rs. 1,419/= per sq.mtr. The Assessing Officer noted that the juntry rates for such land was fixed at Rs. 2,500/= per sq.m. On the juntry rate of Rs. 2,500/= per sq.m, the Assessing Officer applied the co-efficient of 1.25 and arrived at a figure of Rs. 3,125/= per sq.m. He believed that the difference between such rate at which consideration is stated to have been received ie., Rs. 1,419/= per sq.m. should be added to the income of the assessee. He accordingly added a sum of Rs. 59,00,262/= . In such order, he noted the assessee's contention that the plot of land was held as "stock in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and having perused the documents on record, we have no hesitation in upholding the decision of the Tribunal. Section 50C provides inter alia that where the consideration received or accruing as a result of the transfer by an assessee of a capital asset 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, for the purposes of Section 48, be deemed to be the full value of consideration received or accruing as a result of such transfer. Thus, Section 50C of the Act gives rise to a deeming fiction and such deeming fiction is to be applied in case of computation of capital gain under Section 48 of the Act. I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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