9911796707
TMI Blog2018 (10) TMI 740X X X X Extracts X X X X X X X X Extracts X X X X ..... tration, is Rs. 21,38,750/- and hence the said amount was brought to tax u/s 50C of the Act. 2.1 Assessee preferred an appeal before the CIT(A) and contended that the market value of property as on the date of agreement of sale is Rs. 8,55,000/- and hence, this amount only has to be adopted as the sale consideration received by the assessee. CIT(A) rejected the contention of the assessee and confirmed the addition made by the AO. 2.2 Against the order of CIT(A), the assessee preferred an appeal before the Tribunal. The Tribunal in ITA No. 229/Hyd/2017, vide its order dated 28/02/2018 dismissed the appeal of the assessee. 2.3 Against the said order, the assessee filed an M.A. in which he stated as under: 5. It has been stated by the Hon& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee sold the plot of land as per the agreement dt. 09-07-2005 @ Rs. 1,000/- per square yard i.e. double the value fixed by the SRO, on 01-07-2005. The assessee also received an amount of Rs. 1,55,500/- as advance on 09-07-2005 and the balance of R. 7,00,000/- was received in installments as per the agreement (Pages 85 to 88 of the Paper Book already submitted). As the actual sale consideration received was much more than the Stamp Duty Value under Section 50C, which was prevailing on the date of Agreement, on which date an advance of Rs. 1,55,000/- was also received by the assessee, the assessee has admitted the actual sale consideration of Rs. 8,55,500/in the return of income filed. Thus, by executing the Sale Deed on 02-12-2006, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ractual obligation imposed upon the assessee by virtue of sale agreement, and therefore, the deemed sale consideration u/s. 50C prevailing on the date of sale agreement will have to be adopted. 7) The C.I.T. (Appeals) is wrong in not discussing in his Order as to why the decisions of the Hon'ble Supreme Court, High Court and I.T.A.T., cited in support of the grounds urged are not applicable, though the same were mentioned by him in Paragraphs- 3 and 4 at pages 3 and 4 of his order." 9. Ld. AR submitted that that the assessee has entered into agreement of sale on 09/07/2005 and copy of the same is placed on record (refer page 85 of paper book). He also submitted a translated copy of the agreement of sale. He submitted that the value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 12/Vizag/2009, order dated 22/06/2010, held as below: "12. Thus, by executing the sale deed in June, 2005, the assessee has only completed the contractual obligation imposed upon it by virtue of the sale agreement. Since the process of sale has been initiated from the date of sale agreements, in our opinion, the character of the transaction vis-à-vis Income tax Act should be determined on the basis of the conditions that prevailed on the date the transaction was initially entered into. Accordingly, the applicability of the provisions of section 50C should be looked at only on the date of sale agreement. The assessee has filed a certificate obtained from the Joint Sub Registrar, Visakhapatnam, regarding market value of the impug ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
