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TMI Blog2019 (12) TMI 307X X X X Extracts X X X X X X X X Extracts X X X X ..... plicable for immovable property held in the nature of capital asset under section 50C of the Act - Thus, the stamp duty value as on date of initial agreement in the year 2010 can be adopted for the purpose of Sale consideration. A.O is directed to compute capital gain by taking stamp duty value as on date entering agreement in the year 2010, in so far as in the year of entering into agreement assessee had received part payment of ₹ 7,07,000/- by account payee cheque - A.O is liberty to verify the fact of payment received by account payee cheque. The appeal of the assessee is allowed. - I.T.A. No. 5975/Mum/2018 (Assessment Years: 2011-12) - - - Dated:- 13-11-2019 - SHRI R.C. SHARMA, ACCOUNTANT MEMBER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e AO noticed that the assessee sold a property being a shop at Padmavati Darshan NM Joshi Mar, Mumbai on 05.02.2011 for a total sale consideration of ₹ 75,07,000/- and declared an LTCG of ₹ 93,992/- after taking cost of acquisition of shop NIL as the same was acquired by surrendering tenancy rights and investing the major portion of sale consideration in REC Bonds and also in a residential flat. AO noticed that the stamp duty valuation of the property sold by the assessee was ₹ 1,00,89,765/- as on 05.02.2011, on which stamp duty was collected by the Registration department. AO asked the assessee to explain as to why the stamp duty should not be adopted for working of capital gains as per section 50C of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year 2011 arriving ₹ 1,00,89,765/-. 5. Stamp duty valuation report by valuation officer of ₹ 85,58,000/-. 6. Letter of authority. 6. The provisions of Sec. 43CA of IT Act which was newly introduced in Finance Act 2013 shall be applicable in case of transfer of ownership of property by any mode. In case, transfer of immovable property takes place without registration of sale deed but by way of execution of sale agreement / power of attorney or by way of transfer with the regulatory authority or in any other manner, provisions of Sec. 43CA shall be applicable. The proviso to Subsection (1) of Sec. 43CA states that where the consideration received or accruing as a result of the t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovable property held in the nature of capital asset under section 50C of the Act. Thus, the stamp duty value as on date of initial agreement in the year 2010 can be adopted for the purpose of Sale consideration . 7. In view of the above discussion, I direct the A.O to compute capital gain by taking stamp duty value as on date entering agreement in the year 2010, in so far as in the year of entering into agreement assessee had received part payment of ₹ 7,07,000/- by account payee cheque. A.O is liberty to verify the fact of payment received by account payee cheque, I direct accordingly. 8. In the result appeal of the assessee is allowed in terms included herein above. This Order pronounce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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