2020 (7) TMI 690

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the Appellant : Mr. Deepak Kumar Sinha, Advocate For the Respondent-U.O.I : Mr. Rajiv Sinha, ASGI For the Respondent-Income Tax Dept. : Mr. Rahul Lamba, Advocate ORDER Mr. Deepak Kumar Sinha, learned counsel for the petitioner, Mr. Rajiv Sinha, learned ASGI for the Union of India and Mr. Rahul Lamba, learned counsel for the Income Tax Department are present through Video Conferencing. Petiti....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f the Act and Section 56(2)(vii)(b) of the Income Tax Act, 1961 substituted by Finance Act, 2013 w.e.f 01.04.2014 is that in cases where the consideration involved in a transaction of purchase or sale of land or building is less than the stamp duty value, then, the excess of such value over the actual consideration would be treated as income both in the hands of the transferor as per section 43CA ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tes discloses a discriminatory treatment. d) For a further declaration that the value of stamp duty paid on the value of purchase or sale of land building cannot be treated to be the assessable value for the purpose of imposition of tax as the value of such land and building may differs on account of location, area, nature of property and other related reasons. e) For a declaration that Sectio....