9911796707
TMI Blog2005 (2) TMI 89X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Briefly stated the facts giving rise to the present reference are as follows: From the income-tax records of the late Raja J.P. Singh, the Gift-tax Officer found that during his lifetime, he has executed certain sales deeds in respect of some immovable properties and the sale consideration as disclosed in the sale deeds, was to the rune of Rs. 1,25,000; but the registration authorities took the value of the properties for stamp duty purposes at Rs. 1,79,000. The difference of Rs. 54,000 was subjected to tax by the Gift-tax Officer on the ground that the sale price ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 counsel for the respondent-assessee, submitted that the sale consideration of the property in question was only Rs. 1,25,000 and the sale has not been effected to relatives or friends but to strangers/third parties and only for the purposes of stamp duty the value was taken at Rs. 1,79,000 against the actual value of Rs. 1,25,000. He submitted that payment of stamp duty would not be determinative of the fair market value of the properties in question as it may be more than the actual sale consideration paid. Having heard learned counsel for the parties, we find th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 full value of the consideration received or accruing as a result of such transfer. There was no such provision applicable during the relevant period, therefore, the value of assets by the stamp valuation authority cannot be treated as full market value for the purposes of imposition of tax. In this view of the matter, we are of the considered opinion that the rules framed under the Stamp Act cannot be pressed into service for determining the market value of the property and, therefore, there is no deemed gift in the present case. We, accordingly answer both the question ..... X X X X Extracts X X X X X X X X Extracts X X X X
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