TMI Blog2020 (10) TMI 1209X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 50C and not the enhanced value determined under the Stamp Duty Laws subsequently? - HELD THAT:- Sub Registrar entertained the document for registration, did not accept the value computed at ₹ 400/- per square feet for the purpose of calculating the Stamp duty payable under the Indian Stamp Act on the said deed of conveyance, but determined the value of the property at ₹ 555/- pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 A of the Income Tax Act, 1961 ('the Act' for brevity), challenging the correctness of the orders passed by the Income Tax Appellate Tribunal, Madras, 'B' Bench ('the Tribunal' for brevity) dated 15.03.2017 in I.T.A.No.2991/Mds/2016 for the Assessment Year 2010-11. The following Substantial Question of Law has been raised for consideration. 1. Whether the adoption of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the date of presentation of the sale document for registration is relevant for the provisions of Section 50C of the Act and not the enhanced value determined under the Stamp Duty Laws subsequently? 2. We have heard Mr.A.S.Sriraman, learned counsel for the appellant / assessee and M/s.R.Hemalatha, learned Senior Standing counsel appearing for the respondent / Revenue. 3. The dispute in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/-, based on the valuation report obtained on 19.02.2015, by applying Section 50C of the Act. The correctness of this decision is called in question in the present appeal, raising the above Substantial Questions of Law. The Tribunal missed to note a very important point that the sale consideration received by the assessee as Vendor of the property was at the rate of ₹ 400/- per Square feet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wholly erroneous. It is not the case of the Assessing Officer that the assessee had received the total sale consideration of ₹ 3,79,90,860/-. Rather it is not in dispute that the sale consideration received as reflected in the deed of conveyance is only ₹ 2,80,00,000/-. Thus, the Assessing Officer committed a serious error and this error stood perpetuated before the Commissioner of Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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