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Commissioner of Income Tax-6 Versus M/s. Akash Association

2017 (9) TMI 587 - GUJARAT HIGH COURT

Reference to DVO - permitted u/s. 50C (Clause2) OR u/s. 55A - capital gain computation - sale was not got registered before Stamp Valuing Authority for valuation - Held that:- Section 50C of the Act provides for special provision for full value of consideration in certain cases. Subsection (1) of section 50C provides for the adoption of the value taken by the Stamp Valuation Authority for the purpose of stamp duty as the full value of consideration of the transferred asset for the purpose of sec .....

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aluation Authority for the purpose of payment of stamp duty not only when it is adopted or assessed but where it is assessable by such authority. The expressions 'adopted' or 'assessed' or 'assessable' would include even a case where the document evidencing transfer of the capital asset has not been presented for registration. The expression 'assessable' would permit the Revenue authorities to apply what is popularly referred to as Jantri rates with respect to the land in question for the purpos .....

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Tribunal has erred in deleting the addition and in stating that reference to DVO in this case is permitted u/s. 50C (Clause2) and not u/s. 55A, without realizing that the sale was not got registered before Stamp Valuing Authority for valuation and therefore, section 50C was not invoked by the Assessing Officer? 2. Respondent assessee had filed the return of income for the assessment year 2009-10 declaring long term capital gain on sale of plot of land. According to the assessee, the transfer of .....

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ing the fair market value as on the date of the transfer. The Assessing Officer computed the assessee's longterm capital gain by adopting the value of land assessed by the DVO in response to the reference and made an addition of ₹ 78.75 lakhs (rounded off) under the said head. The assessee carried the matter in appeal. The Commissioner (Appeals) deleted the additions, upon which, the department approached the Tribunal. Tribunal was of the view that for ascertaining full value of consid .....

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., reported in [2014] 367 ITR 238 (Guj) and dismissed the Revenue's appeal. 3. Somewhat similar issue had come up before this Court in case of Gauranginiben (supra). The said case pertained to the assessment year 2006-07. The Court referring to section 50C of the Act, made following observations: 13. We are conscious that section 50C of the Act introduced in the statute by Finance Act, 2002 with effect from 1.4.2003 now provides for special provision for full value of consideration in certai .....

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