TMI Blog2015 (7) TMI 1299X X X X Extracts X X X X X X X X Extracts X X X X ..... at the assessee actually received the value which was adopted by the stamp valuation authority. Even the development agreement clearly mention the area and the assessee is not the owner of the TDR, thus, cannot be saddled with the value adopted by the stamp duty purposes as the assessee is only the owner of 3872 sq. mts. for which he received the consideration of ₹ 2,51,00,000/-, thus, the capital gain has to be computed on the amount which the assessee actually received, consequently, we are in agreement with the finding of the ld. Commissioner of Income Tax (Appeals) that on the basis of deeming provision of section 50C, no addition can be made. We affirm the stand of the ld. Commissioner of Income Tax (Appeals), thus, appeal of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded the conclusion arrived at in the impugned order. 2.1. We have considered the rival submissions and perused the material available on record. The facts, in brief, are that the estate was the owner of the property known as Vijay Mahal located at Malad. The assessee entered into a MOU with Mahavir Builders providing them with development rights in respect of property for a consideration of ₹ 2,51,00,000/-. The appropriate authority (Income Tax Department) gave no objection to grant of development rights at the agreed consideration of ₹ 2,51,00,000/- u/s 269UL(3) dated 12/06/2001. The said MOU was converted into a formal development agreement in September 2004 on the same terms and conditions. The stamp duty authorities stamp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... valuation authority. Even the development agreement clearly mention the area and the assessee is not the owner of the TDR, thus, cannot be saddled with the value adopted by the stamp duty purposes as the assessee is only the owner of 3872 sq. mts. for which he received the consideration of ₹ 2,51,00,000/-, thus, the capital gain has to be computed on the amount which the assessee actually received, consequently, we are in agreement with the finding of the ld. Commissioner of Income Tax (Appeals) that on the basis of deeming provision of section 50C, no addition can be made. We affirm the stand of the ld. Commissioner of Income Tax (Appeals), thus, appeal of the Revenue is dismissed. 3. So far as, the appeal of the assessee (3023/M ..... X X X X Extracts X X X X X X X X Extracts X X X X
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