2010 (1) TMI 731

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....ding recorded by the Commissioner of Income-tax (Appeals) [for brevity 'CIT(A)'] holding that 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 s. 48 of the Act. As against the purchase price disclosed in the sale deed at Rs. 17,06,700, the AO 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 AO made addition of this difference as income from unexplained sources. The C....

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....ew of the Tribunal is clear from para 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 s. 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 of the actual consideration as being passed on to the seller by the purchaser in the absence of any other evidence. The AO is required to bring positive evidence on record indicating the fact ....