TaxTMI 
TaxTMI 
2019 (11) TMI 807
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....n law as well as on facts in adopting deemed sale value of Karol Bagh property U/s. 50C at Rs. 1,84,45,416/- as per circle rate applicable as on 30.11.2011 against correctly claimed at Rs. 1,10,00,000/- U/s. 50C as per the circle rates applicable as on 05.08.2011 (which is also the actual and apparent sale consideration), thus, erred in making an addition of Rs. 74,45,416/- as short term capital gain (STCG). 2. That without prejudice, the declared sale value at Rs. 1,10,00,000/- could not had been disturbed without referring to valuation officer as provided U/s. 50C(2) r/w. Sec. 50C (3), hence, the deemed sale value adopted at Rs. 1,84,45,416/- is un - sustainable in law. 3. That without prejudice, in the absence of any cogent material ....
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....y such deal and the involvement of Sh. Aman Ghai. Normally when the deals are made through broker an agreement to sell is executed alongwith the payment of token money (bayana). b) The consideration of Rs. 1,10,00,000/- on 02.08.2011, possession NoC. c) Possession is claimed to have been handed over on 05.08.2011. However, the Assessing Officer in his order has quoted from the sale deed on page 9 point No. 3 as under: "The vendors has handed over the physical vacant possession of the said property to the vendee on the execution of the sale deed" on 19.11.2011 (date of execution of this deed on 30/11/2011. This clearly shows that the possession was given to the assessee on 30/11/2011 i.e., after the new circle rate came to the effect."....
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.... The Ld. counsel also referred to page 24 of APB-I, which is a copy of possession letter issued by the assessee to purchaser, according to which possession was delivered to the purchaser on 05/08/2011. In view of the above facts, the Ld. counsel of the assessee referred to first proviso to section 50C of the Act, according to which, where the date of agreement fixing the amount of consideration and the date of registration for the transfer of the capital asset are not the same, the value so adopted or assessed or assessable by the stamp valuation authorities on the date of the agreement may be taken for the purpose of the computing full value of consideration for such transfer. The Ld. counsel submitted that though the said proviso has bee....
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....lt of transfer. In the case of the assessee Stamp Valuation Authorities valued the property for the purpose of a stamp duty at Rs. 1,84,50,000/-, therefore invoking the section 50C, the Assessing Officer took the amount of full value consideration at Rs. 1,84,50,000/-as against value of Rs. 1,10,00,000/- declared by the assessee as actual sale consideration. It is also evident that before the Learned CIT(A) assessee has not made any claim of existence of any such agreement dated 28/07/2011, a copy of which has been produced before us for the first time. Taking benefit of the existence of the agreement, the assessee has sought to invoke proviso to section 50C, which reads as under: Provided that where the date of the agreement fixing the ....