TMI Blog2020 (7) TMI 690X X X X Extracts X X X X X X X X Extracts X X X X ..... ituted by the Valuation assessed by any Authority of a State Government for the purpose of payment of stamp duty - discrimination in application of Section 43CA and Section 56(2)(vii)(b)(ii) of the Act as it is known fact that the levy of stamp duty is a state subject - valuation of the Stamp Valuation Authority - HELD THAT:- Learned counsel for the petitioner Mr. Deepak Kumar Sinha at the ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the following prayer: a) For a declaration that Section 43CA of the Income Tax Act, 1961 inserted vide Finance Act, 2013 w.e.f 01.04.2014 by which the Special provision for full value of consideration for transfer of assets other than capital assets has been provided is ultra-vires the Constitution of India as the Income Tax Act, 1961 is a law made under Entry 82, Schedule VII-List I of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsferee as per section 56(2)(vii)(b)(ii), resulting into double taxation and is an attempt to tax the notional income. c) For a further declaration that there is discrimination in application of Section 43CA and Section 56(2)(vii)(b)(ii) of the Act as it is known fact that the levy of stamp duty is a state subject and each state in the country provides for such a levy where the determination of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provide the rate of tax or manner of liability but in effect substitutes the valuation of the Stamp Valuation Authority with the total income of the assesse while assessing the liability of the income tax which amounts to alteration of the subject matter of the Income Tax Act itself. f) For a further declaration that the subject matter of the Act is income other than agricultural income an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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