2020 (10) TMI 1209

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iraman For the Respondent : M/s.R.Hemalatha Senior Standing counsel JUDGMENT [ Order of the Court was made by T. S. SIVAGNANAM , J. ] This Tax Case Appeal has been filed by the assessee under Section 260 A of the Income Tax Act, 1961 ('the Act' for brevity), challenging the correctness of the orders passed by the Income Tax Appellate Tribunal, Madras, 'B' Bench ('th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lue determined by the DRO (Stamps) in July 2011 as the sale consideration for the property transferred in June 2009 for the purpose of levy of capital gains tax? 3. Whether the stamp duty value/guideline value as on the date of presentation of the sale document for registration is relevant for the provisions of Section 50C of the Act and not the enhanced value determined under the Stamp D....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....at Rs. 3,72,81,755/-. The Assessing Officer recomputed the Long Term Capital Gains pertaining to the sale of property in Zamin Pallavaram Village and adopted the value of the sale consideration at Rs. 3,79,90,860/-, based on the valuation report obtained on 19.02.2015, by applying Section 50C of the Act. The correctness of this decision is called in question in the present appeal, raising the abov....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....recomputed the total sale consideration. The recomputation of the total sale consideration based on the higher value fixed by the Sub Registrar is for the purposes of computing Stamp duty is wholly erroneous. It is not the case of the Assessing Officer that the assessee had received the total sale consideration of Rs. 3,79,90,860/-. Rather it is not in dispute that the sale consideration received ....