2010 (1) TMI 502

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....ioner of Income- tax (Appeals) (for brevity "CIT (Appeals") holding that the value adopted or assessed by any authority of the State Government for the purpose of payment of stamp duty in respect of land or building cannot be taken as sale consideration received for the purpose of section 48 of the Act. As against the purchase price disclosed in the sale deed at Rs. 17,06,700, the Assessing Officer has adopted the purchase price of the property at Rs. 30,32,000, which is assessed for the purpose of paying the stamp duty. Accordingly, it was held that the assessee must have paid Rs. 13,25,300 over and above the purchase price disclosed in the sale deed and the Assessing Officer made addition of this difference as income from unexplained sour....

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....record positive evidence supporting the price assessed by the State Government for the purpose of stamp duty. The view of the Tribunal is clear from paragraph 7 of the its order, which reads thus :   "From a plain reading of this provision, it emerges out that the value adopted or assessed by any authority of a State Government for the purpose of payment of stamp duty in respect of land or building or both, shall for the purpose of section 48 be deemed to be the full value of the consideration received or accruing as a result of transfer. It nowhere provides that the valuation done by the State Government for the purpose of stamp duty, etc., would ipso facto take place the actual consideration as being passed on to the seller ....

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....rspective. We do not find any error in the impugned order on this ground. Thus, the ground of appeal raised by the Revenue is rejected."   Having heard learned counsel, we are of the considered view that the view taken by the Tribunal while accepting the order of the Commissioner of Income-tax (Appeals) does not suffer from any legal infirmity.   4. The argument of the learned counsel for the Revenue that the Tribunal should have asked the Assessing Officer to make a reference to the Valuation Officer under section 142A of the Act does not require any detailed consideration because the Commissioner of Income-tax (Appeals) had sent the evidence produced by the assessee to the Assessing Officer for his comments. He conducted a....