2018 (12) TMI 1395

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.... accepting the sale consideration at Rs. 2,51,00,000/, accepted by the Revenue in order u/s 269 UL(3) in place of Rs. 4,63,73,500/considered by the Assessing Officer on the basis of valuation made by the Stamp Duty Authority?" 3. Brief facts are that the respondent assessee for Assessment Year 200506 had filed the return of income declaring total income of Rs. 1,63,86,880/. The return was taken in scrutiny. It was noticed that the assessee had entered into a Memorandum of Understanding ("MOU" for short) with Mahavir Builders, agreeing to assign them development rights in respect of the immovable property for a consideration of Rs. 2.51 crores (rounded off). This was done after obtaining necessary NOC under Section 269UL of the Income Tax ....

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....he material available on record. The facts, in brief, are that the estate was the owner of the property known as Vijay Mahal located at Malad. The assessee entered into a MOU with Mahavir Builders providing them with development rights in respect of property for a consideration of Rs. 2,51,00,000/. The appropriate authority (Income Tax Department) gave no objection to grant of development rights at the agreed consideration of Rs. 2,51,00,000/u/ s 269UL(3) dated 12.06.2001. The said MOU was converted into a formal development agreement in September, 2004 on the same terms and conditions. The stamp duty authorities stamped / assessed the value at Rs. 4,63,73,500/. The Assessing Officer invoked section 50C of the Act on the basis of valuation ....