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TMI Blog2021 (8) TMI 568X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment including the photostat copies of the Sale Deed. Tribunal observed that the original Sale Deed will always be with the buyer of the property and the assessee will have only a certified copy and the AO did not insist upon production of the original Sale Deed while completing the assessment under Section 143(3) - Therefore, it was held that there was no case for reopening the assessment. Tribunal was fully justified in holding that the reopening of the assessment could not have been made in the facts and circumstances of the case and we find no question of law, much less substantial question of law arising for consideration in this appeal. X X X X Extracts X X X X X X X X Extracts X X X X ..... hat for the subject assessment year, long term capital gain of ₹ 1,62,74,689/- was computed by taking sale consideration of ₹ 1,74,00,000/- and from the copy of the Sale Deed, it is seen that the Registering Authority has charged compounding fee on the document of ₹ 89,000/- under Section 70(2) of the Indian Stamp Act, which is inclusive of 8% stamp duty and 1% registration fee. Therefore, the sale consideration to be adopted, as per Section 50C of the Act for computation of capital gain, should be ₹ 1,83,89,000/- and the increase of capital gain of ₹ 9,89,000/- should accordingly be brought to tax. 6.The assessee submitted their explanation dated 08.11.2011, explaining that the said amount is not a determinat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rthermore, the assessee contended that the order passed under Section 147 is bad in law, since the matter was not referred for valuation in terms of Section 50C(2) of the Act. The CIT(A), did not agree with the assessee and dismissed the appeal by order dated 01.06.2012. Aggrieved by the same, the assessee preferred appeal before the Tribunal. 8.The Tribunal, in our view, rightly took note of the fact that the reopening of the assessment was after years and there was no tangible material to establish that the assessee failed to disclose fully and truly all materials, which are required for the assessment at the first instance. Furthermore, the Tribunal took note of the fact that the assessee has furnished all necessary details required f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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