The case pertains to the applicability of Section 43CA, which ...

Dispute Over Stamp Duty Value for Property Sale: Assessing Officer vs. CIT(A) & ITAT on Section 43CA Interpretation.

November 7, 2024

Case Laws Income Tax AT

The case pertains to the applicability of Section 43CA, which deals with the adoption of stamp duty value as the full value of consideration for computing profits and gains from the transfer of immovable property. The assessee executed an agreement for sale of a flat on 30/04/2011, with earnest money paid on 26/04/2011. However, the agreement was registered in the subsequent assessment year. The Assessing Officer (AO) adopted the stamp duty value on the date of registration, leading to a higher value than the agreement value. The CIT(A) held that since there was only one registered sale agreement executed during the year under consideration, the stamp duty value as on the date of the agreement should be adopted as the deemed sale consideration. The ITAT upheld the CIT(A)'s order, directing the AO to compute profits and gains by considering the stamp duty value as on 30/04/2011, the date of the agreement for sale, in accordance with Section 43CA(3). The provisions of Section 43CA(4) were also satisfied since earnest money was paid before the agreement date.

View Source

← Previous Next →

The case pertains to the applicability of Section 43CA, which ...

Dispute Over Stamp Duty Value for Property Sale: Assessing Officer vs. CIT(A) & ITAT on Section 43CA Interpretation.

November 7, 2024

Case Laws Income Tax AT

You may also like:

The Appellate Tribunal held that for determining the holding period of a property or calculating long-term capital gains, the date of allotment of the property is...

Long Term Capital Gains - valuation u/s 50C - commercial property or residential property - the Assessing officer at most, can have referred the matter to the District...

The assessee purchased agricultural land whose stamp duty valuation was lower than the actual purchase consideration. The authorities sought to invoke section 56(2)(x)...

Addition u/s 56(2)(vii) r.w.s. 69 - difference between the purchase price i.e. circle rate/stamp duty value and the value determined by the DVO - This section can be...

The appeal challenges the liability to pay stamp duty and penalty on agreements executed prior to the sale deed for two properties. The court determined the real...

The order dealt with maintainability of petition, liability to pay stamp duty on NCLT order, applicability of res judicata principle, interpretation of fiscal laws,...

Capital gain computation - value determined by the stamp duty authorities in terms of Section 50C(1) - When assessee objected the value adopted or assessed by the stamp...

Capital gains - treating information contained in ITS as related to transaction of sale of immovable property - Assessee had pointed out how the two transactions...

Capital gains – In view of the provisions of sub-section (2) of section 50C, if fair market value as assessed by the DVO is lower than the value adopted by Stamp Duty...

This case deals with the levy of deficit stamp duty and penalty in a court-conducted auction sale. The key points are: In a court-supervised auction sale, the stamp...

The assessee, a company engaged in development/construction and sale of flats and plots, had classified its properties into four categories: flats open for sale, let-out...

Revision u/s 263 - error noted by the CIT that sale of properties by the assessee during the year was not examined by the AO vis-à-vis its stamp duty value for the...

Immovable property purchased, stamp duty value higher than consideration paid. Assessee's request to refer matter to Valuation Officer ignored. Held: As property...

Difference between purchase value and value determined by District Valuation Officer though more than 5% but below 10% of purchase consideration, transacted amount...

Addition u/s 56(2)(x) relates to joint ownership of property. If the consideration amount is fixed on the agreement date but registration occurs later, the stamp duty...

Quick Updates: