TaxTMI 
TaxTMI 
2021 (5) TMI 534
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.... his return of income on 29.07.2009 declaring total income of Rs. 1,48,320/-. Assessee, during the relevant previous year, sold his own residential property located at Plot No. 39, Sindhu Nagar Colony Nahari Ka Naka, Jaipur ("the property"). The property was sold by the assessee for Rs. 23,00,000/- to M/s Shiva Builders, Jaipur ("the buyer") vide registered sale deed dated 8.12.2008. The property for the purpose of stamp duty, on the date of execution of the sale deed, was considered as residential property and was valued at Rs. 23,00,000/-. Out of the sale consideration of Rs. 23,00,000, received on sale of the property, Rs. 22,30,440 was used for purchase and construction/improvement of a new residential property situated at 95, Krishna Nagar, Sirsi Road, Vaishali Nagar, Jaipur and accordingly deduction was claimed out of the long term capital gain under section 54 of Income Tax Act, 1961. Value of the property for the purpose of stamp duty was reassessed twice from the value of Rs. 23,00,000/- considered by the Registrar at the time of registration of the sale deed. At first, the value of the property was enhanced to Rs. 32,93,512/-, considering the same as residential and then ....
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.... abovementioned Additional Evidences and set-aside the case to the file of the ld. AO. 6. The above-mentioned facts along with the relevant documents were made known to AO, in the set aside proceedings. The AO, based on the details submitted, also issued a notice, under section 133(6), to the Sub-Registrar, in order to find out the status of the litigation with regard to the Stamp duty proceedings. The Sub-Registrar vide letter dated 24.06.2016, 21.07.2016 & 15.12.2016 reiterated the fact that the order of Additional Collector (Stamps), enhancing the value of the property to Rs. 77,03,999/-, was subsequently quashed by the Rajasthan Tax Board. However, the ld. AO, made the same additions in the hands of the assessee, as done in the first round of proceedings. 7. Before ld. CIT(A), elaborate submissions were made, part of which have also been reproduced by him in his order from Page 2-3. It was contended before ld. CIT(A), that after the order of Rajasthan Tax Board, the enhanced value of the property should not be considered, as the order of Additional Collector has been set to naught by Rajasthan Tax Board. However, ld. CIT(A) upheld the order of ld. AO for the reason that t....
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....rly stating that the order of Addl. Collector (Stamps) (Order No. 6/11/2009, dated 20.08.2010) enhancing the value of the property for the purpose of payment of stamp duty was subsequently quashed by the Rajasthan Tax Board vide Order No. 400/2011 dated 14.08.2012. Further, it has also been specified that whatever stamp duty on such enhanced value, which was deposited by the buyer initially, under protest, was to be refunded. 12. The fact that such amount was even refunded to the buyer subsequently is evident from the Bank Statement of the buyer for the month of July, 2020, wherein, the buyer, M/s Shiva Builders, has received Rs. 2,30,225/- on 02.07.2020. Thus, after passing of the order by Addl. Collector (Stamps), the refund has been granted to the buyer, of the stamp duty amount deposited on the enhanced value of the property. This clearly shows that the Stamp Duty Authorities have accepted the order of the Rajasthan Tax Board dated 14.08.2012. Accordingly, the value of the property for the purpose of Stamp Duty should be considered at Rs. 23,00,000/- and not Rs. 77,03,999/-. Letter dated 24.06.2020 issued by the Stamp Duty Authorities and also the Bank Statement of the buyer....
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....er dated 14.08.2012 of Rajasthan Kar Board, revising the valuation made by the Sub-registrar at Rs. 70,03,999/-, the AO shall pass an order giving effect to the revised value determined by such Stamp Duty Authority in pursuance of order dated 14.08.2012 of Rajasthan Kar Board. This ground of appeal is decided accordingly." 14. We have heard the rival contentions and perused the material available on record. It is not in dispute that the enhanced value of the property was challenged before the Rajasthan Tax Board and the Rajasthan Tax Board has since passed an order dated 14.08.2012 wherein the order dated 20.08.2010 of the Collector Stamp enhancing value of the property @ Rs. 77,03,999/- has been set aside. The only reason why the ld. CIT(A) has not accepted the plea of the assessee to consider the original value of the properly as per the original sale deed amounting to Rs. 23,00,000/- is that a fresh order has to be passed by the Collector Stamp to give effect to the order dated 14.08.2012 of Rajasthan Tax Board. To our mind, once the Rajasthan Tax Board has given its verdict and set-aside the order of the collector stamps wherein the latter has enhanced the value of the prope....