TaxTMI 
TaxTMI 
TaxTMI 
2020 (5) TMI 90
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....,12,100/- as against Rs. 30 lakhs actually received by the appellant vide MOU dated 17.10.2014. 2.2 That on the facts and in the circumstances of the case the Ld. CIT(A) has erred in adopting the sale value of agricultural land as mentioned in SPA dated 6.4.2009 (conveyance deed executed on 23.6.2010) fraudulently got signed from the appellant by the buyer of land namely Shri H.P. Singh, Director, Anushna Estates (P) Ltd. 2.3 That on the facts and in the circumstances of the case the Ld.CIT(A) has erred in adopting the sale consideration of land as mentioned in the SPA dated 6.4.2009 without referring the matter to DVO as envisaged in Sec. 50C of the I.T. Act. 2.4 That in absence of any reference to the DVO the stamp duty valuation adopted for the purpose of computing the long term capital gains is illegal and may be set aside. 3. That on the facts and in the circumstances of the case the Ld. CIT(A) has erred in confirming the order of the AO in treating the loss on sale of shares as non-genuine and thereby not allowing set off against long term capital gains. 4. The Ld. CIT(A) is not justifying in giving direction to the AO for initiating wealth tax proceedings against t....
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....04/2009. In the agreement to sale, the assessee has claimed to sale its 50% share in the agriculture land along with remaining 50% owners to "M/s Anushna Estate Private Limited" for a total sum of Rs. 60,00,000 /-. (Rs. 30 lakhs to the assessee and remainingRs. 30 lakh to other owners of the land). According to the Assessing Officer, the said agreement to sale was made on non - judicial stamp paper of Rs. 50 but it was neither registered before any authority nor notarized, so he asked for the sale deed of the property, however, the assessee did not submit the said sale deed. (iii) the Assessing Officer by way of issue of notice under section 133(6) of the Act dated 18/03/2013, gathered a copy of the sale deed from the office of the sub- Registrar and found that the sale deed was registered on 23/06/2010, wherein the total sale consideration of the property exchanged between the seller and buyer was recorded at Rs. 1,56,24,200/-. In the said sale deed, the assessee has been represented by her special power of attorney holder Sh. HP Singh. 6.2 In view of the above facts, the Assessing Officer was of the view that the assessee had received 50% share out of the sale consideration ....
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....d cheated the assessee, therefore, the assessee has pursued legal remedy against all those persons in a court of law. In view of the legal proceedings, those persons have entered into a settlement agreement with the assessee, wherein they have admitted to their crime and considered the harm caused to the assessee. In nutshell, the contention of the assessee was that the property was registered through a special power of attorney dated 06/04/2009, which was fraudulently got signed from the assessee. 6.4 The Ld. CIT(A) admitted the additional evidences filed by the assessee, however, upheld the addition made by the Assessing Officer. 6.5 Before us, the learned Counsel of the assessee has filed paper-book containing pages 1 to 172 . He referred to the copy of agreement to sell available on page 7 to 9 of the paper-book, copy of receipt of Rs. 60 lakhs issued to buyers available on page 10, copy of possession letter issued to buyer of land available on page 11, copy of general power of attorney dated 28/03/2009 available on page 12 to 14, copy of a special power of attorney dated 28/03/2009 available on page15 to 17, copy of affidavit by the co-owners available on page 18 to 19, copy....
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....ncome-tax Officer, Ward 6(l), Jaipur Vs. Tara Chand Jain [2015] 155 ITD 956 (Jaipur-Trib.) vi. Smt. Sowcar Janaki Vs. Income-tax Officer [2013] 27 ITR(T) 226 (Chennai-Trib.) vii. Ran Mal Bhansali Vs. Assistant Commissioner of Income-tax [2012] 25 taxmann.com 149 (Jodhpur-Trib.) viii. Smt. Vijay Laxmi Dhaddha Vs. ITO [2009] 20 DTR (AT) 365 (Jaipur) ix. Without prejudice to above, the income declared in the return is Rs. 25,02,300/-. However, the Ld. AO has wrongly mentioned it as Rs. 27,61,600/- in the assessment order and computed tax on Rs. 27,61,600/- 6.8 The learned DR on the other hand relied on the order of the lower authorities and submitted that in view of the Power of attorney dated 06/04/2009 and the registered sale deed, the property has been transferred at recorded sale consideration of Rs. 1,56,24,200/-and therefore, the assessee was liable for long-term capital gain on sale of shares the property on the sale consideration value recorded in registered sale deed. 6.9 We have heard rival submission of the parties on the issue dispute and perused the relevant material on record. The claim of the assessee is that the property had been sold by way of agreement to s....
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.... sale consideration only as in view of the other part, sale of the property would be taxable in the hands of the assessee in subsequent assessment year. Thus, we cann't take the sale value shown in registered sale deed as sale consideration while treating the agreement to sale as genuine document. 6.13 The second issue would be the applicability of section 50C on the agreement to sell. Regarding this situation, the relevant provision of section 50C are reproduced as under: "Special provision for full value of consideration in certain cases. 50C. (1) Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government (hereafter in this section referred to as the "stamp valuation authority") for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer : Provided that where the date of the agreement fixing the amount of....
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.... section, the expression "assessable" means the price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty. (3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section (2) exceeds the value adopted or assessed or assessable by the stamp valuation authority referred to in sub-section (1), the value so adopted or assessed or assessable by such authority shall be taken as the full value of the consideration received or accruing as a result of the transfer." 6.13 We find that the word "assessable" has been inserted in section 50C w.e.f. 01/10/2009. Thus, prior to 01/10/2009, the section 50C was applicable over the sale of properties, which were sold by of the registered deed where the stamp value was assessed by the registration authorities and the section 50C was not applicable, where the properties were sold otherwise than by registered sale deed. The Hon'ble Rajasthan High Court in the case of Satya dev sharma (supra) has held insertion of t....
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.... Stamp Valuation Authority at the time of execution of said document . Therefore, there was no evaluation of stamp duty payable on the document. Thus in our view the deeming provision of section 50C do not come in to play thereby replacing the full valuation of consideration of the document with the value calculated by the Stamp Valuation Authority / registering Authority. In the absence of any adoption or assessment by the authority of state government for the purposes of the Stamp duty in respect of subject transfer ( as the document was not registered ), there was no occasion for the AO to either refer the matter to the Registering Authority or to the Stamp Valuation Authority for the purpose of arriving at the valuation of the property." 6.14 In the instant case, if we consider the agreement to sale as genuine, then provisions of section 50C are not applicable and in such circumstances, the deemed sale consideration as per the stamp valuation authorities cannot be invoked in the case of the assessee. 6.15 In view of the above discussion, in our opinion, in both the situation whether the agreement to sale is genuine or not, deemed sale consideration of Rs. 1.56 crore cannot ....
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....estate share prices went up and fell down. 7.4 Before us, the learned Counsel of the assessee submitted that the assessee has discharged her onus by way of furnishing the details of purchase, sale and also details of the buyer. He referred to copy of share certificate available on page 58 of the paper-book. He also referred to copy of cheque used for making the parties, which is available on page 69 of the paperbook. Similarly, he referred to the documents of copy of sale bill and copy of account for cheque of Rs. 50,000/- , which are available on page 63 and 70 of the paperbook. 7.5 The learned Counsel submitted that the Assessing Officer has not prove that the assessee received any consideration in cash from Smt Anjali Jain over and above Rs. 50,000 shown by the assessee. 7.6 The Learned DR, on the other hand, relied on the order of the lower authorities. 7.7 We have heard rival submission of the parties on the issue in dispute and perused the relevant metal on record. The Assessing Officer has not allowed the claim of the assessee of the short-term capital loss on sale of the shares .The dispute in the case is regarding the value of the purchase as well as value of the sale....