TMI Blog2005 (2) TMI 89X X X X Extracts X X X X X X X X Extracts X X X X ..... sent case. - - - - - Dated:- 15-2-2005 - Judge(s) : R. K. AGRAWAL., PRAKASH KRISHNA. JUDGMENT The Income-tax Appellate Tribunal, Allahabad, has referred the following questions of law under section 26(1) of the Gift-tax Act, 1958, hereinafter referred to as "the Act", for the opinion of this court. "1. Whether, on the facts and in the circumstances of the case the Tribunal was legally correct in holding that the rules framed under the Stamp Act are not conclusive of determination of market value of properties? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that there was no deemed gift in the case?" The present reference relates to the assessment year 1981-82. Brief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... horities were wrong in holding that there had been a deemed gift to the rune of Rs. 54,000." We have heard Sri Shambhoo Chopra, learned standing counsel for the Revenue, and Sri Shakeel Ahmad, learned counsel for the respondent-assessee. Learned counsel for the Revenue submitted that as the stamp duty was paid on the value of Rs. 1,79,000 the Gift-tax Officer had rightly taken the fair market value of the property in question at the same figure and brought the difference of Rs. 54,000 to tax under the Act by treating it as a deemed gift. He submitted that the value of the property disclosed for the purposes of stamp duty has not been disputed by the assessee and, therefore, the tax has rightly been imposed. Sri Shakeel Ahmad, learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on passing between the parties to a sale. The actual consideration may be more or may be less. What is the actual consideration that passed between the parties is a question of fact to be determined in each case, having regard to the facts and circumstances of that case. It may be mentioned here that to overcome this difficulty for the purposes of bringing to tax on capital gain, Parliament has inserted section 50C of the Income-tax Act, 1961, by the Finance Act, 2002, with effect from April 1, 2003, wherein it has been provided that the value adopted or assessed by any authority of a State Government for the purpose of payment of stamp duty in respect of land or building or both shall for the purposes of section 48 be deemed to be the fu ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
