TMI Blog2015 (4) TMI 471X X X X Extracts X X X X X X X X Extracts X X X X ..... the ‘full value of the consideration received or accruing as a result of the transfer of a capital asset’ was, in fact, any amount higher than the one depicted in the sale deed. In the absence of any such an evidence, there can be no scope for frustrating the prescription of section 48, which mandates that the computation of capital gains should be done by considering the full value of the consideration received or accruing as a result of the transfer of a capital asset. A mere report of the DVO estimating higher value of the property cannot be considered as an evidence of the actual full value of consideration received or accruing as a result of the transfer of capital asset. It is manifest from a copy of the Registered sale deed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ermined the fair market value of the property at ₹ 76,46,300/-. By considering this valuation of the DVO, the AO adopted the sale price at ₹ 38,23,150/-, being half share in the property and re-computed the amount of long-term capital gain. The ld. CIT(A) overturned the assessment order on this issue. The Revenue is aggrieved against the reduction in the amount of full value of consideration of this property. 4. We have heard the rival submissions and perused the relevant material on record. It can be observed that the only point agitated by the Revenue before us is the computation of the full value of consideration of the property. Section 45(1) provides that any profit or gains arising from the transfer of a capital asset e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny amount higher than the one depicted in the sale deed. In the absence of any such an evidence, there can be no scope for frustrating the prescription of section 48, which mandates that the computation of capital gains should be done by considering the full value of the consideration received or accruing as a result of the transfer of a capital asset. 6. The Hon ble Supreme Court in the case of K.P. Varghese vs. ITO (1981) 131 ITR 597 (SC) has held that the onus of establishing that the conditions of taxability are fulfilled, is always on the Revenue. It is for the Revenue to show that there is an understatement of the consideration. It has further been laid down that to throw the burden of showing that there is no understatement of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the value so adopted or assessed or assessable shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer . A bare perusal of this provision indicates that where the full value of consideration received or accruing as a result of transfer of a capital asset is less than the stamp value, then, such stamp value is to be substituted with the full value of consideration. Reverting to the facts obtaining in this case, it is manifest from a copy of the Registered sale deed that the stamp value of the property is the same figure, which is the value of consideration received at ₹ 25 lac. In that view of the matter, the provisions of section 50C are also of n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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