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TMI Blog2017 (2) TMI 1282X X X X Extracts X X X X X X X X Extracts X X X X ..... sition when the actual consideration paid is Rs. 46,00,000/= (Rupees Forty Six Lakhs only) in terms of the earlier agreement of sale for the purpose of computing capital gains for the Assessment Year 2007-2008? ii) Whether on the facts and circumstances of the case the Honourable Income Tax Appellate Tribunal was right in law in taking into consideration only the apparent consideration stated in the sale deed and not the actual consideration paid by the appellant assessee to the vendors for purchasing the property for the purpose of computing capital gains for the assessment year 2007-2008? iii) Whether on the facts and circumstances of the case, the order of the Honourable Appellate Tribunal is vitiated on account of non-consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enabled the assessing officer to substitute the guideline value in place of the consideration adopted by the parties in the computation of capital gain. Since the assessee had paid the stamp duty on the differential cost computed by the registering authority on the basis of guideline value of the property, the CIT(A) was of the view that the consideration relatable to the stamp duty paid was liable to be adopted as the deemed cost of acquisition. The Revenue filed an appeal before the Income Tax Appellate Tribunal, which, after hearing the counsel on behalf of the Revenue, the assessee not being represented, restored the order of assessment, only modifying the same to state that the consideration of Rs. 24,00,000/- would be enhanced to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e actual/real consideration. In the present case, we find that the Tribunal, the final fact finding authority, has proceeded on the notion that the consideration, as reflected in the deed of sale, is the only parameter to be taken into consideration. While we agree that this would be one important factor, there are other parameters to be looked into before determining the actual consideration paid. 7. The Tribunal notes, in para 7 that additional stamp duty has been paid by the appellant at the time of registration. However, the tribunal declines to substitute the sale value as per the registered sale deed, being Rs,25,52,,820/- with the amount stated to be paid by the appellant, being Rs. 49,82,300/- stating that the apparent consideratio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on account of the fact that the assessee did not appear for the hearing and the matter was heard by the Tribunal exparte, qua the assessee. We have noticed that the assessee has nowhere explained why the sale deed was registered when, according to him, the consideration contained therein was not the actual sale consideration agreed upon, nor why an Addendum was not executed by the parties correcting the mistake in sale consideration, once the error was noticed. This, and all other relevant facts relating to the matter, require thorough examination to arrive at the actual consideration paid. In order to ensure that the matter is considered in the proper perspective and all relevant details are taken into account, we deem it fit to remit the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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