TMI Blog2019 (11) TMI 807X X X X Extracts X X X X X X X X Extracts X X X X ..... transfer, then the value so adopted, assessed or assessable shall for the purpose of computing capital gain be deemed as full value of consideration received as a result of transfer. In the case of the assessee Stamp Valuation Authorities valued the property for the purpose of a stamp duty at ₹ 1,84,50,000/-, therefore invoking the section 50C, the AO took the amount of full value consideration at ₹ 1,84,50,000/-as against value of ₹ 1,10,00,000/- declared by the assessee as actual sale consideration. It is also evident that before the CIT(A) assessee has not made any claim of existence of any such agreement dated 28/07/2011, a copy of which has been produced before us for the first time. As the copy of agreement has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER PER O.P. KANT, A.M. This appeal by the assessee is directed against order dated 08/08/2016 passed by the Ld. Commissioner of Income-tax(Appeals)-16, New Delhi [in short the Ld. The CIT(A)] for assessment year 2012-13 raising following grounds: 1. That under the facts and circumstances, both the lower authorities erred in law as well as on facts in adopting deemed sale value of Karol Bagh property U/s. 50C at ₹ 1,84,45,416/- as per circle rate applicable as on 30.11.2011 against correctly claimed at ₹ 1,10,00,000/- U/s. 50C as per the circle rates applicable as on 05.08.2011 (which is also the actual and apparent sale consideration), thus, erred in making ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p value authorities. Accordingly, he made addition ₹ 74,45,416/-for the difference of value of ₹ 1,84,45,416/-considered by the stamp valuation authorities and the sale consideration of ₹ 1,10,00,000/-declared by the assessee. The assessee filed appeal before the Ld. CIT(A) and filed detailed submissions. The Ld. CIT(A) summarises submission of the assessee as under: a) That the deed was made with the broker Aman Ghai on 30.07.2011. The appellant has not been able to provide any evidence of any such deal and the involvement of Sh. Aman Ghai. Normally when the deals are made through broker an agreement to sell is executed alongwith the payment of token money (bayana). b) The consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e agreed price of ₹ 1,10,00,000/-. In view of the observations, he upheld the addition made by the Assessing Officer. 4. Before us, Ld. counsel of the assessee filed two paper books (APB), both having pages 1-40. In the APB-II, the assessee filed copy of an agreement dated 28/07/2011. According to the agreement, this property was sold on 28/07/2011 by the assessee against full and final payment of ₹ 1,10,00,000/- to be paid. The assessee referred to page 19 of APB-I , which is a copy of bank statement of the assessee. According to bank statement payment of ₹ 1,10,00,000/-has been received on 2/08/2011 by way of clearing of cheque No. 751845. The Ld. counsel also referred to page 24 of APB-I, which is a cop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed first-time before the Tribunal, which being in the nature of an additional evidence, the Assessing Officer need to be given the opportunity to comment on the authenticity or genuineness of the agreement. 6. We have heard rival submissions of the parties and perused the relevant material on record including the paper books filed by the assessee. In terms of section 50C of the Act, in cases where the consideration received on transfer of the capital asset being land or building, is less than the value adopted, assessed or assessable by stamp valuation authority for the purpose of the payment of a stamp duty in respect of such transfer, then the value so adopted, assessed or assessable shall for the purpose of computing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law. The assessee is directed to produce original copy of the agreement before the Assessing Officer who may carry out inquiries as deemed fit for verifying genuineness or authenticity of the agreement. The Assessing Officer may, if required, verify the date of purchase of stamp used for the agreement purchase date from the register of the stamp vendor or attestation of the agreement from the register of Notary Public, who has attested the agreement or may examine the purchaser of the property and witness(es) who has signed on the copy of the agreement. It will be the responsibility of the assessee to produce all the necessary document or witnesses for carrying out necessary inquiries for verification of the genuineness or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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