2019 (9) TMI 482

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....e are that the assessee sold a plot of land by way of two registered sale deeds, one part of the land was sold for a sum of Rs. 4,30,000/- and the second part was sold at Rs. 4 lacs. However, the Stamp Duty Authorities assessed the value of the land at Rs. 14,20,000/- and Rs. 12,62,000/- respectively. The assessee declared only the first sale deed in the return of income and offered capital gains tax as per sale deed amount of Rs. 4.30 lacs. The Assessing officer noted that the assessee instead of offering the capital gain tax as per the stamp duty valuation of the plot under the provisions of section 50C of the Act has wrongly declared the capital gains as per the sale deed price. He further noticed that the assessee did not disclose th....

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....t part of the land was shown by the assessee at the actual amount received by the assessee. However, inadvertently the second sale deed could not be shown in the return of income. He has further submitted that the provisions of section 50C are deeming provisions requiring the Assessing officer to assess the sale value as per the collectorate rate / stamp valuation authority rate. However, the assessee did not receive any amount more than the amount as was mentioned in the sale deed itself. 4. On the other hand, Ld. DR has pointed out that, in fact, the assessee changed his stand in the revised return filed u/s 148 of the Act and himself declared / admitted the sale price of both the part of the plots as equal to the stamp duty valuation ....