9911796707
TMI Blog2021 (6) TMI 1174X X X X Extracts X X X X X X X X Extracts X X X X ..... Act") relevant to the Assessment Year 2012-2013. 2. The Revenue has raised the following grounds of appeal: 1. The Ld.CIT(A) has erred in law and on facts in directing the A.O. to adopt the value of the property at Rs. 1,43,80,860/-(at the rate of Rs. 618/- per sq. meter) instead of Rs. 3,88,60,900/-(at the rate of Rs. 1670/- per sq. meter) adopted by the A.O. in the assessment order without appreciating the fact that the A.O. has adopted the rate of the land at Rs. 1670/- as per the calculation sheet provided by the Sub Registrar, Sanand dated 27/02/2015. 2. On the facts and circumstances of the case, the Ld. Commissioner of Income-tax (A) ought to have upheld the order of the Assessing Officer in respect of above issues. 3. It is, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of the learned CIT (A), both the Revenue and the assessee filed the appeal before the ITAT. The Revenue was in appeal against the direction of the ld. CIT-A for taking the rate at Rs. 618 square meter against the rate adopted by the AO at Rs. 1,670.00 per square meter whereas the assessee was in appeal in ITA No. 427/AHD/2018 against the direction of the learned CIT-A for adopting the rate at Rs. 618 per square meter against the rate declared by him (the assessee) at Rs. 200 per square meter. 7. The learned DR before us vehemently supported the order of the AO. On the other hand the learned AR before us submitted that the ITAT has passed a separate order with respect to the appeal filed by the assessee bearing ITA No. 427/AHD/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... through the record carefully. The case of the assessee is that he has entered into an agreement to sell the land admeasuring 23270 sq.meters comprising in survey no.973 of Village Rethal, Ta. Sanand, Dist. Ahmedabad with Infinity Infra Projects P.Ltd. This agreement was executed on 30.12.2010 and consideration was settled at Rs. 46,54,000/-. On 31.12.2010 the value of the land for the purpose of stamp duty was fixed at Rs. 140/- per sq.meter by the stamp valuation authority. The assessee has agreed to sell at the rate of Rs. 200/- per sq.meter. According to the assessee, he received Rs. 5.00 lakhs as token consideration and Rs. 41,54,000/- on 26.4.2011. The sale deed was registered on 23.11.2011 bearing no.7606. The State of Gujarat for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the assessee has entered into an agreement to sale on 30.12.2010. Had the assessee not executed the sale deed, then time limit for filing a suit for specific performance under the Specific Relief Act has been provided in the Limitation Act, and this limitation is three years from the date of the agreement. In case vendee refused to get the sale deed registered, then the assessee can only sue for specific performance persuading the vendee to purchase land. In that circumstance, the assessee would not get anything more than the amount agreed in the agreement. Similarly, there can be a time gap between the date of agreement vis-a-vis ultimate registration of sale deed. There can be an appreciation or depreciation in the value of the property ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt payee cheque, then the appointing day for the purpose of valuation of the property for the purpose of section 50C is to be taken the date of agreement. This proviso has been held to be applicable with retrospective effect by the ITAT, Ahmedabad in the case of Dharamshibhai Sonani Vs. ACIT, 161 ID 627 (Ahd-Trib). It is also pertinent to note that the assessee has submitted before the Id.CIT(A) that simultaneous sale deed was registered on survey no. 932, 951, 899 and 894 where stamp duty valuation authority has also accepted the rate at Rs. 200/- per sq.meter and the sale agreement were entered on 30.12.2010. The assessee has placed copies of the sale deed before the Id.Revenue authorities below, but in spite of that even under section 50 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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