9911796707
TMI Blog2024 (1) TMI 1133X X X X Extracts X X X X X X X X Extracts X X X X ..... sed for the purpose of charging Stamp Duty on such transaction, then, full sale consideration would be deemed equal to the amount on which Stamp Duty has been charged. In this present case assessee has purchased a plot at Indirapuram, Gaziabad and sale deed was executed in favour of the assessee. Later on assessee sold this plot for a consideration as received by the assessee through Bank Draft. The assessee has further executed Power of Attorney in favour of Shri Manoj Kumar Sharma who resold this plot on 18th November, 2011 to one other. Therefore, in the hands of the assessee the Stamp Duty Valuation ought to have been determined in the year 2000 and not 2011. Gaziabad Development Authority must have executed the Conveyance Deed in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibiting the fact that assessee has sold an immovable property at Gaziabad, whose sale value did not match with the Stamp Duty Valuation, vis- -vis shown by the assessee. Hence a notice under section 148 was issued. The assessee has filed return of income declaring total income of Rs. 3,96,640/- on 17.04.2019. 4. The chronological events in respect of above sale transaction has been reproduced by the ld. CIT(Appeals) while taking note of the submission of the assessee. We take note of those events, which read as under:- Chronological event in respect of the transaction of sale Date Particular 03.10.2000:- Sale Certificate issued by Gaziabad Development Au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rst proviso have a direct bearing on this controversy. Therefore, we deem it appropriate to take note of this part of this section, which reads as under:- Sub section (1) of the section 50C provides that 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 of adopted or assessed or assessable by any authority of State Govt. for the purpose of payment of Stamp duty in respect of such transfer, the value of adopted or assessed or assessable shall be deemed to be full value of the consideration received or accruing as a result of such transfer. Provided that where the date of the agreement fixing the amount of consideration a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Shri O.P. Sharma for a consideration of Rs. 4,51,000/-. This amount was received by the assessee through Bank Draft. The assessee has further executed Power of Attorney in favour of Shri Manoj Kumar Sharma. Shri Manoj Kumar Sharma resold this plot on 18th November, 2011 to one Shri Shiv Dutta Sharma. Therefore, in the hands of the assessee the Stamp Duty Valuation ought to have been determined in the year 2000 and not 2011. Gaziabad Development Authority must have executed the Conveyance Deed in favour of the assessee more than the value determined by the Registering Authority for the purpose of Stamp Duty. Therefore, a deeming sale consideration cannot be assumed in the hands of the assessee in A.Y. 2011. The proviso appended to Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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