9911796707
TMI Blog2014 (10) TMI 747X X X X Extracts X X X X X X X X Extracts X X X X ..... substantial substantial questions of law:- "i) Whether on the facts and in the circumstances of the case, the the Hon'ble ITAT was right in law in interpreting section 50C of the Income Tax Act, 1961 by holding that prior to 1.10.2009 cases of transfer of land or buildings where the transaction was not registered with the stamp duty valuation authority, were out of the ambit of section 50C? ii) Whether on the facts and in the circumstances of the case, the ITAT was right in holding the issue in favour of the assessee for computation of segment rate at lower than the rate assessed by the Sub Registrar for registration of agricultural land in the particular village by State Valuation Authority? iii) Whether on the facts and in the cir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d at Rs. 83,07,949/-, cost of acquisition by adopting fair market value of the land at Rs. 13,89,720/- (i.e. at the rate of Rs. 1,50,954/- per acre) as on 1.4.1981 and indexed cost of acquisition computed at Rs. 69,06,908/-. The Collector, Jalandhar fixed the segment rates for sale of property in the Village where the sold land was situated at the rate of Rs. 25 lacs per acre for the purpose of payment of stamp duty. The sale consideration of the land i.e.9 acres 1 kanal 13 marlas sold by the assessee as per Collector's rate at the rate of Rs. 25 lacs per acre worked out at Rs. 2,30,15,625/-. Besides, this, the assessee had received another amount of Rs. 15,25,000/- on account of sale of mitti. Since the assessee had not declared long t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 50C will not be attracted. The revenue filed appeal before the Tribunal whereas the assessee preferred cross objections. Vide order dated 3.9.2012, Annexure A.3, the Tribunal dismissed the appeal and partly allowed the cross objections. Hence the instant appeal by the revenue. 3. Learned counsel for the assessee respondent placed reliance on the order dated 14.1.2008, Annexure R.1 passed by Collector Jalandhar whereby according to him, the Collector Jalandhar had accepted the value of the registered sale deed assessed by the assessee. It was submitted that the same could not be produced earlier as it was not within the knowledge of the assessee. Learned counsel for the respondent argued that in view of documents Annexures R.1 to R.4 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r on a subsequent year. When the registration of the land sold by the assessee was done after the date of transfer of land, the provisions of Section 50C of the Act were not applicable. The Tribunal concurred with the findings recorded by the CIT(A). 7. CM No.13550 CII of 2014 filed by learned counsel for the respondent assessee for placing on record documents Annexures R.1 to R.4 in order to show that the sale consideration received by the assessee on sale of his agricultural land and shown by him as such for computing his income under the head 'Capital gains' was accepted by the Stamp Valuation authority is allowed. The said documents are allowed to be taken on record. 8. Accordingly, without expressing any opinion on the legal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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