2011 (7) TMI 1292

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....O R D E R PER Dr.O.K.NARAYANAN, VICE-PRESIDENT: This appeal is filed by the Revenue. The relevant assessment year is 2007-08. The appeal is directed against the order of the Commissioner of Income Tax (Appeals)-VI at Chennai dated 4-1-2011 and arises out of the assessment completed under section 143(3) of the Income-tax Act, 1961. 2. In the present case, the assessee had sold one house pr....

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....e Tax (Appeals). The Commissioner of Income Tax (Appeals), relying upon section 50C(1), held that the stamp duty value should be treated as the purchase price of the property and, therefore, the same should be the cost of acquisition. He accordingly directed the assessing authority to treat the sum of Rs. 49,82,300/- as cost of acquisition inclusive of stamp duty and other registration expenses. T....

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....provision whereby the sale consideration for the property is treated as the value declared in the document or the value adopted by the registering authority, whichever is higher. 7. In the present case the assessee was asked to pay additional stamp duty on the basis of the finding of the stamp duty authorities that there was a case of under payment of stamp duty when compared the value of the p....

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....cost of acquisition. To this extent the assessee is entitled for the relief. Therefore we direct the assessing authority to refix the acquisition cost by adding the amount of Rs. 24 lakhs and the amount of additional stamp duty and expenses incurred by the assessee. But for this modification, the computation made by the assessing authority is upheld. 8. In the facts and circumstances of the cas....