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TMI Blog2013 (2) TMI 575X X X X Extracts X X X X X X X X Extracts X X X X ..... dicated in the sale-deeds – Assessee paid up additional stamp duty on such valuation. This by itself would not mean that the assessee made any unexplained investment - Additional stamp duty paid to avoid litigation and to get clear title of the property – Section 50C of the Act would cover the instances of capital gain upon sale of immovable property by the sellers - provisions of section 50C of the IT Act are not applicable in the hands of the purchaser – Against the revenue. - TAX APPEAL No. 1976 of 2010 - - - Dated:- 16-1-2012 - MR. AKIL KURESHI AND MS SONIA GOKANI JJ. Appearance: MR MR BHATT, SR. ADV WITH MRS MAUNA M BHATT for Appellant(s):1, ORAL ORDER (Per : HONOURABLE MR.JUSTICE AKIL KURESHI) Revenue is i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons: We have considered the rival submission and the material available on record. It is not in dispute that the properties under consideration have been purchased by the assessee through registered sale deeds. The assessee claimed that she has paid actual consideration which is recorded in the sale deeds. The additional stamp duty was imposed upon the assessee as per the rate prescribed by Jantri. The Stamp Valuation Authority adopted such valuation as per the Jantri which is notional value for the purpose of determining the stamp duty payable. The AO has not brought any evidence on record that the assessee in fact had paid more consideration as against the consideration recorded in sale deeds. No material is brought on record to prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thority, however, valued the lands higher than the sale consideration indicated in the saledeeds. Assessee paid up additional stamp duty on such valuation. This by itself would not mean that the assessee made any unexplained investment. Section 50C of the Act would cover the instances of capital gain upon sale of immovable property by the sellers. 7. The assessee had contended before the Authorities that he had paid nothing further than the sale consideration indicated in the sale deeds. Additional stamp duty paid to avoid litigation and to get clear title of the property. Tribunal additionally noted that the rates adopted by the Stamp Valuation Authority cannot by itself be taken as the price for which the property was purchased. We may ..... X X X X Extracts X X X X X X X X Extracts X X X X
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