AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2021 (1) TMI 1085
X X X X Extracts X X X X
X X X X Extracts X X X X
....at Rs. 618/- instead of Rs. 140/-. 3. Brief facts of the case are that the assessee has filed his return of income on 29.3.2014 declaring total income at Rs. 7,18,775/-, which was processed under section 143(1) of the Income Tax Act, 1961. The return of the assessee was selected for scrutiny assessment, and notice under section 143(2) was issued and served upon the assessee. As per the information received by the Department, the assessee has sold an immovable property admeasuring 23270 sq.meters of land at Village Rethal, Nr. Sanand in Survey Block No.973, Khata No.618, Dist: Ahmedabad for a consideration of Rs. 3,88,60,900/-, while as per the registered sale deed, the sale consideration has been shown at Rs. 46,54,000/-. Thus, according....
X X X X Extracts X X X X
X X X X Extracts X X X X
....bout the correct amount of capital gain, jantri rate received by the Department has to be accepted. He accordingly made an addition of Rs. 3,86,58,478/- and after giving deduction of Rs. 14,567/-, net assessed income worked out at Rs. 3,86,81,425/-. Dissatisfied with action of the AO, assessee challenged the addition on account of calculation of capital gain and denial of expenses before the ld.first appellate authority. However, the assessee could not get any relief from the ld.CIT(A). Aggrieved assessee is now before the Tribunal. 4. Before us, the ld.counsel for the assessee submitted that different rates of jantri were applicable at the relevant time, which were subsequently revised and/or challenged. Since the assessee has disputed a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d admeasuring 23270 sq.meters comprising in survey no.973 of Village Rethal, Ta. Sanand, Dist. Ahmedabad with Infinity Infra Projects P.Ltd. This agreement was executed on 30.12.2010 and consideration was settled at Rs. 46,54,000/-. On 31.12.2010 the value of the land for the purpose of stamp duty was fixed at Rs. 140/- per sq.meter by the stamp valuation authority. The assessee has agreed to sell at the rate of Rs. 200/- per sq.meter. According to the assessee, he received Rs. 5.00 lakhs as token consideration and Rs. 41,54,000/- on 26.4.2011. The sale deed was registered on 23.11.2011 bearing no.7606. The State of Gujarat for the purpose of charging stamp duty has re-determined the value of the property in this year, and new rates were no....
X X X X Extracts X X X X
X X X X Extracts X X X X
....then time limit for filing a suit for specific performance under the Specific Relief Act has been provided in the Limitation Act, and this limitation is three years from the date of the agreement. In case vendee refused to get the sale deed registered, then the assessee can only sue for specific performance persuading the vendee to purchase land. In that circumstance, the assessee would not get anything more than the amount agreed in the agreement. Similarly, there can be a time gap between the date of agreement vis-à-vis ultimate registration of sale deed. There can be an appreciation or depreciation in the value of the property. In other words, at the time of execution of agreement in respect of an immovable property, the right in ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he purpose of section 50C is to be taken the date of agreement. This proviso has been held to be applicable with retrospective effect by the ITAT, Ahmedabad in the case of Dharamshibhai Sonani Vs. ACIT, 161 ID 627 (Ahd-Trib). It is also pertinent to note that the assessee has submitted before the ld.CIT(A) that simultaneous sale deed was registered on survey no.932, 951, 899 and 894 where stamp duty valuation authority has also accepted the rate at Rs. 200/- per sq.meter and the sale agreement were entered on 30.12.2010. The assessee has placed copies of the sale deed before the ld.Revenue authorities below, but in spite of that even under section 50C(2), this aspect was not appreciated. Taking into consideration all the facts and circumsta....