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TMI Blog2016 (12) TMI 1142X X X X Extracts X X X X X X X X Extracts X X X X ..... ord that the assessee has inherited the property from his mother. The assessee has totally denied to have received any sale consideration and executed any sale deed in favour of Mrs. Sayali S Sawant. Also during the course of assessment proceedings the transaction could not be confirmed. In our opinion, the ends of justice would be met if the matter is restore back to the file of the AO to decide the issue afresh on the facts and circumstances of the case - Decided in favour of assessee for statistical purposes. - I.T.A. No.2902/Mum/2013 - - - Dated:- 26-10-2016 - SHRI MAHAVIR SINGH, JM AND SHRI RAJESH KUMAR, AM For The Assessee : Shri M S Sheth For The Revenue : Smt.Shabana Parvin ORDER PER RAJESH KUMAR, A. M: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... herited property and the same was devolved to me from his mother who died in the year 1974. The assessee submitted that he was threatened to sign documents qua the tenement to Mrs. Sayali Satish Sawant without any consideration of whatever nature and till that date he has not received any money at all. According to the AO there was a receipt/acknowledgement attached with the sale deed which stated that the assessee has received ₹ 10 laksh as full and final consideration on transfer of the said property. In order to corroborate the AO vide order-sheet noting dated 17.10.2011, the assessee was asked to produce Mrs. Sayali S Sawant to know the truth behind the said transfer. However, the assessee stated that he could not found Mrs. Sayal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property. 7. In this regard, I would also like to reproduce the provisions of section 50C of the Income tax act, as under : 50C. (1) Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed 16[or assessable] by any authority of a State Government (hereafter in this section referred to as the stamp valuation authority ) for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed 16[or assessable] shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer. (2) Without prejudice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty.] (3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section (2) exceeds the value adopted or assessed 18[or assessable] by the stamp valuation authority referred to in sub-section (1), the value so adopted or assessed 18[or assessable] by such authority shall be taken as the full value of the consideration received or accruing as a result of the transfer.] 8. Since, the value adopted by the stamp valuation authority is a valid figure for computation for capital gain as per provisions of section 50C of the IT Act and the same has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rse of assessment proceedings except that the sale deed which is obtained from the office of Registrar of Authorities. The ld. AR finally submitted that the matter be restored back to the file of the AO for further verification from the buyer whether such money was ever given to the assessee and the matter be decided afresh accordingly. 4. The ld. DR on the other hand, relied on the orders of authorities below. 5. We have carefully considered the rival submissions and perused the material placed before us. We find that the assessee had denied to have received any money in lieu of transfer of immovable property where sale deed was actually signed by the assessee and a receipt was also found attached with the sale deed which was obtaine ..... X X X X Extracts X X X X X X X X Extracts X X X X
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