TaxTMI 
TaxTMI 
2021 (5) TMI 534
X X X X Extracts X X X X
X X X X Extracts X X X X
....old by the assesee, at Rs. 77,03,999/-. The action of the ld. CIT(A) is illegal, unjustified, arbitrary and against the facts of the case. Relief may please be granted by taking the value of property in accordance with the provision of law thereby deleting the additions made by the ld. AO and confirmed by the ld.CIT(A)". 2. During the course of hearing, the ld. AR submitted that the assessee filed 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....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssessee for Rs. 23,00,000/- which was also the value adopted for the purpose of Stamp Duty, by the Stamp Valuation Authorities, as is evident from the registered sale deed dated 8.12.2008. However, the AO, in the first round of proceedings, considered reassessed amount of Rs. 77,03,999 as the value for the purpose of Section 50C. Order of AO dated 27.12.2011, was upheld by ld. CIT(A) in the first round of proceedings vide order dated 26.11.2012. 4. It was submitted that the buyer applied for reference before the Rajasthan Tax Board, against the order passed by Additional Collector (Order Dated 20.08.2010) enhancing the value of the property to Rs. 77,03,999/- for the purpose of Stamp Duty. Rajasthan Tax Board, vide its order dated 14.08.20....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ps), 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 the current status of the proceedings under the Rajasthan Stamp Act was unknown. 8. In the ab....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r:- 10. Both the lower authorities took cognizance of the order dated 14.08.2012, passed by the Rajasthan Tax Board. However, considered the value of the property for stamp duty purposes, as per Section 50C, to be Rs. 77,03,999 instead of Rs. 23,00,000 for the sole reason that the current status of the proceedings before the Stamp Duty Authorities was not known. 11. It was submitted that the matter before the Stamp Duty Authorities reached finality after passing of the order dated 14.08.2012 by the Rajasthan Tax Board. Pursuant to such order of the Rajasthan Tax Board, the Stamp Duty Authorities have even granted refund of the amount deposited by the buyer, against the Stamp Duty demand. In this regard, letter dated 24.06.2020 was issued ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e determined based on the value of the property determined at the time of registering the sale deed and additions made by the ld. AO, and upheld by ld. CIT(A), deserves to be deleted. 13. Per contra, the ld. CIT/DR relied on the finding of the lower authorities and our reference was drawn to the findings of the ld. CIT(A) which are contained at para 4.3 which read as under:- "4.3 I have gone through the assessment order, statement of facts, grounds of appeal, written submission, remand report and rejoinder carefully. It is seen that the appellant has contended that Rajasthan Kar Board, Ajmer vide order dated 31.08.2012 has quashed the Collector Stamps order dated 20.08.2010. Therefore, the capital gain computed by adopting the sales cons....
X X X X Extracts X X X X
X X X X Extracts X X X X
....O 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 ....