TMI Blog2017 (2) TMI 1282X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee did not appear for the hearing and the matter was heard by the Tribunal exparte, qua the assessee. We have noticed that the assessee has nowhere explained why the sale deed was registered when, according to him, the consideration contained therein was not the actual sale consideration agreed upon, nor why an Addendum was not executed by the parties correcting the mistake in sale consideration, once the error was noticed. This, and all other relevant facts relating to the matter, require thorough examination to arrive at the actual consideration paid. In order to ensure that the matter is considered in the proper perspective and all relevant details are taken into account, we deem it fit to remit the issue to the file of the As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd circumstances of the case, the order of the Honourable Appellate Tribunal is vitiated on account of non-consideration of the material evidence which are necessary for computing the cost of acquisition? 2. The assessee is an individual and had entered into an agreement on 11.10.2003 for the purchase of a property. The consideration set forth in the agreement for sale is an amount of ₹ 46,00,000/- (Rupees Forty Six Lakhs only). Thereafter, and after negotiation, the consideration finally agreed upon by the parties as reflected in the sale deed was a sum of ₹ 24,00,000/- (Rupees Twenty Four Lakhs only) as against the consideration of ₹ 46,00,000/- agreed upon earlier. The stamp duty was enhanced at the time of registr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... represented, restored the order of assessment, only modifying the same to state that the consideration of ₹ 24,00,000/- would be enhanced to the extent of additional stamp duty paid at the time of registration of sale deed. The assessee is in appeal against the aforesaid order. 5. Before us, Mr.Balachander, learned counsel appearing on behalf of the appellant/assessee would state that crucial details and facts have not been taken into account, in so far as the Tribunal proceeded to hear the matter exparte. He went on to emphasise that the consideration paid by the assessee at the time of purchase in the year 2003 was, in fact, a sum of ₹ 46,00,000/-, as would be evident from the transfer of the amount through banking channel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the registered sale deed, being Rs,25,52,,820/- with the amount stated to be paid by the appellant, being ₹ 49,82,300/- stating that the apparent consideration paid by the assessee cannot be substituted by the deemed value determined for the purpose of stamp duty. We are in agreement with this finding. The computation of capital gains has to be effected on the sale consideration actually received and not a notional or deemed amount. The CIT(A) had proceeded to adopt a notional amount relatable to the stamp duty paid as being the sale consideration, merely by application of section 50 C of the Act. The provisions of section 50C have been inserted to provide for a situation where there is an understatement of sale/purchase considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration paid. In order to ensure that the matter is considered in the proper perspective and all relevant details are taken into account, we deem it fit to remit the issue to the file of the Assessing Officer to be considered and adjudicated upon de novo. The assessing officer shall afford adequate opportunity to the assessee to furnish all particulars as may be necessary to arrive at the real and actual price paid by the assessee for acquisition of the property. 9. Substantial questions of law (i) and (ii) are decided in the above terms and substantial question of law (iii) is allowed in favour of the assessee by way of remand. The appeal is partly allowed. In the circumstances of the case, there shall be no order as to costs. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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