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2015 (8) TMI 834 - ITAT PANAJI

2015 (8) TMI 834 - ITAT PANAJI - TMI - Application of provisions of sec. 50C - CIT(A) deleted the additions as relying on case of CIT Vs. Khoobsurat Resorts Pvt. Ltd. [2012 (11) TMI 590 - DELHI HIGH COURT] as convinced that no permanent structure of any kind can be erected on the impugned land and AO has not considered the circumstances relating to land and has mechanically applied the provisions of sec. 50C - Held that:- The undisputed fact is that the assessee has shown sale consideration from .....

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the property after considering all the related facts in the impugned land. In the interest of justice and fair play, we therefore, restore this issue to the file of the Assessing Officer. The Assessing Officer is directed to refer the matter to the DVO mentioning the special character of the impugned property and decide the issue afresh after giving reasonable and fair opportunity of being heard to the assessee. - Decided in favour of revenue for statistical purpose. - ITA No. 419/PNJ/2014 - Dat .....

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of capital asset determined by the Stamp Valuation Authority was deemed to be the full value of consideration which the assessee had not disputed before the appellate authorities or the Court under Stamp Duty Act. 3. Learned CIT(A) has erred in not considering the provision of section 50C(2) were available to the assessee to plea before the Assessing Officer to refer valuation of the property to Valuation Officer. 4. Learned CIT(A) has erred in considering the fact that the assessee did not mad .....

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t declared full value of considerations." 3. The assessee is a non-resident individual, who filed his return of income electronically declaring total income at Rs. NIL. The return was selected for scrutiny assessment and, accordingly, statutory notices were issued and served upon the assessee. During the course of assessment proceedings, the Assessing Officer found that the assessee has sold immovable property known as CABECEIRA DE PRIMEIRO LANCO DE RAAIS OR PRAI LANCO admeasuring 1200 sq. .....

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0 Lac. Assessee was asked to explain why value adopted for stamp duty purpose should not be adopted as sale consideration for computation of capital gains. The assessee filed the following reply:- "I have sold a property at Betalbatim, Goa for ₹ 20,00,000/- only and not ₹ 44,25,000/-. The valuation of the property for the purpose of stamp duty was taken at ₹ 44,25,000/- however I have received a sum of only ₹ 20,00,000/-. The property under question was under litigat .....

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rty sold by the assessee was under litigation and a bungalow constructed was demolished by the Goa Coastal Zone Authority for CRZ violations because of which the assessee had to sell the property for ₹ 20,00,000/-. After considering the facts and the submissions and taking a leaf out of a newspaper report, Ld. CIT(A) was convinced that no permanent structure of any kind can be erected on the impugned land. The Assessing Officer has not considered the circumstances relating to land and has .....

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onclude with the fact that such stamp duty value or basis is higher than the consideration mentioned in the deed. The compulsion for such higher value, is the mandate of the Stamp Act, and provisions, which levy stamp duty at pre-determined or notified dates. In the present case, the revenue did not rely on any objective fact or circumstances; consequently, the Court holds that there is no infirmity in the approach of the lower authorities and the Tribunal, granting relief to the assessee - in f .....

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