9911796707
TMI Blog2011 (9) TMI 981X X X X Extracts X X X X X X X X Extracts X X X X ..... g questions have been raised for our consideration: (i) Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in deleting the addition of ₹ 19,78,988/- made by the Assessing Officer and confirmed by the Appellate Commissioner under Section 69B of the Act being the value of the land determined by the Stamp Duty Valuation Officer and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee filed return of income for the Assessment Year 2005-06, in the relevant previous year, the assessee had purchased lands through 4 different sale deeds. While framing the assessment, Assessing Officer noticed that the assessee had paid additional stamp duty on each of these sale deeds calculated by the Stamp Valuation Authority on the basis of valuation of the lands and on the basis of Jantri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchaser of the land. It was observed that Section 50C cannot be used for substituting apparent sale consideration. 5. The Tribunal held and observed as under: 5.2 Admittedly, in the present case, apart from relying upon the rates adopted by Stamp Valuation Authority, there is no other material to support the addition. In our opinion, rates adopted by Stamp Valuation Authority cannot be t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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