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2018 (10) TMI 740

into agreement on 09/07/2005 and the documents submitted are found to be genuine. Therefore, in our view, the fair market value for the purpose of section 50C should be the value as existed on the date of agreement of sale. - Decided in favor of assessee. - ITA No. 229/Hyd/2017 - 10-10-2018 - SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER For The Assessee : Shri Syed Jameeluddin For The Revenue : Shri R. Mohan Reddy ORDER PER S. RIFAUR RAHMAN, AM: This appeal is filed by the assessee against order of CIT(A) - 2, Hyderabad, dated 25/11/2016 for AY 2007-08. 2. Brief facts of the case are that the assessee stated to have sold an immovable property for a consideration of ₹ 8,55,000/-. The AO noticed tha .....

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pressed nor gave in writing to that effect, as the said grounds are based on facts of the case and are very crucial in deciding the issue, if the ground Nos.2,3 & 4 based on law are not allowed. Further, it is most respectfully submitted that the assessee, in the computation of taxable income enclosed to the Return of Income has clearly stated that the sale proceeds admitted from the sale of property situated at S.No.134, at Saipur, Tandur, R.R.District, in an area admeasuring 855.5 sq. yards, as per the Agreement of sale enclosed, were ₹ 8,55,500/-. Further, the assessee had also enclosed the Certificate of Market Value as on 01-07-2005, as he had entered into Agreement of Sale on 09-07-200S (Page 89 of the Paper Book). The mark .....

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on the merits by recalling the above order. The appeal is accordingly recalled and is fixed for hearing on 10/09/2018. As this date was noted by both the counsels, no notice of hearing is required to be issued. 8. The appeal is, therefore, recalled for adjudicating ground Nos. 5, 6 & 7, which are as under: 5) The C.IT. (Appeals) is wrong in confirming the Order of the assessing officer, who adopted the deemed sale consideration of ₹ 21,38,750/- under Section 50C of the I.T. Act, 1961 prevailing on the date of registration, ignoring the fact that the assessee entered Into sale agreement on 09-07-2005 and actually received sale consideration of ₹ 8,55,500/- only, as per the Sale Agreement. 6) The C.I.T. (Appeals) is wrong in .....

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missions and perused the material on record. The assessee has entered into agreement of sale on 09/07/2005 and obtained the market value at that date which was submitted before tax authorities. Subsequently, the document was registered and transaction was completed as on 29/11/2006. The agreement of sale was in existence as on the date of sale and revenue has not raised any objection on the genuineness of the document. The revenue objected that there was no recital on the sale deed. There is proof that the assessee has entered into agreement on 09/07/2005 and the documents submitted are found to be genuine. Therefore, in our view, the fair market value for the purpose of section 50C should be the value as existed on the date of agreement of .....

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