TaxTMI 
TaxTMI 
2011 (4) TMI 643
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....d in holding that the rate applicable per sq. metr. at Rs. 3500 in respect of commercial property was applicable in case of the appellant and further erred in confirming the long-term capital gain computed by the Assessing Officer." The assessee also requested for the admission of additional grounds which reads as under: "1. The ld. CIT(A) has erred in law and on facts in confirming addition of Rs. 29,375 and Rs. 11,70,031 made by Assessing Officer on account of difference in long-term capital gain in respect of land at Kotali & Dumad respectively if the lands are found to be non-irrigated. Both the lower authorities have not appreciated the fact that the sale document got registered at the value stated in the sale deed without requiring any additional stamp duty to be paid. The ld.CIT(A) ought to have deleted addition made by the Assessing Officer." 3. At the time of hearing before us, it is stated by the learned counsel that the issue being raised by way of additional ground is similar to the issue raised by Ground No. 1 of the assessee's appeal. He has stated that during the year under consideration, the Assessing Officer made the addition on account of capi....
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....has to find out - (a) the consideration received or accrued as a result of transfer of a capital asset, and (b) the value adopted or assessed by stamp valuation authority for the purpose of payment of stamp duty in respect of such transfer. If the amount in "(b)" above i.e., the value adopted or assessed for stamp duty valuation is more than "(a)", then as per section 50C, "(b)" will be considered as full value of consideration for the purpose of computing capital gain. In the case under appeal before us, there is no dispute with regard to item "(a)". The dispute is with regard to item "(b)". The Assessing Officer has called for the information from the stamp valuation authority with regard to various rates which are to be adopted for the purpose of payment of stamp duty in respect of transfer of various types of land in various area. On the basis of such information, he worked out the value of the asset which should be adopted or assessed for the purpose of stamp duty and then he has taken the same value for the purpose of computing the capital gain. In our opinion, this exercise made by the Assessing Officer is to be made by the stamp valuation authority and not the Assessing Off....
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....Construction Pvt. Ltd." 9. It is submitted by the learned counsel that during the year under consideration, the assessee sold certain shares of a private limited company i.e., Ashvika Construction Pvt. Ltd. ("ACPL" for short). The shares were unquoted shares. That the said company was set up by late Shri Ashokbhai M. Patel ("AMP" for short) for carrying out bolt project. However, on his death, the assessee had no intention to carry out that business and therefore he transferred the shares in the said company to the wife of the late "AMP". The shares were transferred at the value as certified by auditors of "ACPL". That the Assessing Officer disallowed the loss holding that the assessee has sold the shares so as to set off the long-term capital loss against the long-term capital gain arising during the year under consideration on the sale of the land. It is explained by the learned counsel that the assessee had purchased the shares in the said company when the late "AMP" was alive and he and "AMP" were intending to carry on the business in the said company. After the death of "AMP" since the assessee was not willing to carry on the business, therefore, he deemed it proper to t....
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....ares by adopting the market value of the asset as per the Schedule-III to Wealth Tax Act. No infirmity in the working of the auditor is pointed out. The assessee has sold the shares at a value slightly higher than the market value determined by the auditor. The assessee has also explained the circumstances in which he sold the shares. Considering the totality of the facts and circumstances, we do not find any justification for disallowing the capital loss from the sale of the shares. We therefore allow the Ground No. 5 of the assessee's appeal. ITA No. 4553/Ahd./2007: 12. In this appeal by the Revenue the following grounds are raised: "1. On the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in holding the capital gains from the sale of land at survey No. 264 at Tarsali as long-term capital gains without appreciating that the land was 'field' by the assessee only from the date of execution of purchase deed on 15-5-2000 and not from the date of entering into purchase agreement on 3-4-1999, because the purchase agreement did not confer a title which could be transferred by him to some other person and he could not transfer what he did....