TaxTMI 
TaxTMI 
2010 (10) TMI 1051
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....le on 12.4.2005 and executed the registered sale deed on 19.8.2005. According to the learned DR as on 12.4.2005 the guidelines value of the said registered plot was Rs. 5,500 per square yard (SY). However, the guidelines value was revised subsequently and as on 19.8.2005 when the registered sale deed was executed it was Rs. 12,000 per SY. According to the learned DR the sale deed was executed and registered only on 19.8.2005. Therefore, the assessee has to compute the capital gain on the basis of the guidelines value as on 19.8.2005 and not on 12.4.2005. According to the learned DR registration of the sale deed is the material consideration for the purpose of deciding the date of sale. The learned DR further pointed out that the agreement f....
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.... to value the property. The valuation officer valued the property at Rs. 75,76,712. The admitted sale consideration is Rs. 70 lakhs. Therefore, the difference is only about 10% which would normally happen in the estimation of any property. Referring to the decision of the Pune Bench of this Tribunal in Rahul Construction vs. DCIT, 38 DTR 19, the learned representative submitted that the Assessing Officer has to take the consideration at Rs. 70 lakhs since the estimated value by the Valuation Officer is only Rs. 75,76,712. 5. We have considered the rival submissions on either side and also perused the material on record. Admittedly there was a sale of property and the registered sale deed was executed on 19.8.2005. The only issue arises f....
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....agreed upon by her as stated above." The agreement further says that the assessee has received a sum of Rs. 7 lakhs by way of part consideration on the date of agreement. 6. We have also carefully gone through the copy of the registered sale deed filed by the learned DR. No doubt the sale deed does not refer to the agreement said to be executed by the assessee on 12.4.2005. However, it refers to the receipt of Rs. 7 lakhs on 12.4.2005 towards part payment of the consideration. Therefore, it is clear that unless there is an agreement as on 12.4.2005 for sale of the property, the assessee would not have received Rs. 7 lakhs on 12.4.2005. The learned DR made an attempt on the ground that no one would hand over the vacant physical possess....
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....claims from the vendee in connection with this sale from the date of this sale deed and the vendor, being the party of the first part herein, has handed over the peaceful and unencumbered possession of the schedule property." Clause 11 of the sale deed further reads as follows: "The vendor has, on this day, given vacant possession of the schedule property to the vendee and declare that from this day the vendee or any person claiming through or as trust for them, may have peaceful possession and enjoyment and enjoy the rents and profits thereof as absolute owners without any let or hindrance from the vendor or any other persons claiming through or in trust for her." 8. From the above recitals found in the agreement for sale and copy....
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....ation shown in the sale deed is only Rs. 7000 per SY. The total consideration received by the assessee is Rs. 70 lakhs. On a reference to the valuation officer, the valuation officer estimated the value of the property at Rs. 75,76,712. Admittedly the difference between the value estimated by the valuation officer and the sale consideration shown by the assessee is less than 10%. An identical situation was considered by the Pune Bench of this Tribunal in Rahul Construction (supra). After considering the various case-laws the Pune Bench of this Tribunal found that the difference of 10% in valuation is always bound to occur. Therefore, when the difference between the value shown by the assessee and the estimated value is less than 10%, the va....