2022 (12) TMI 1094

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.....T.A. No.2836/Ahd/2013 for Assessment Year: 2009-10. 2. The facts in brief are, the assessee filed its Return of Income for the A.Y.2009-10, declaring total income of Rs.43,05,447/-. The Assessing Officer during assessment proceedings, noticed that the assessee having 53% share in the property situated at Sachin Surat sold the same at Rs.57,36,000/. The assessee entered in to agreement for sale on 29/03/2008, however, the sale deed was registered on 25/07/2008 i.e. previous year relevant to the A.Y.2009-10. All cheques were cleared in the month of September,2008 and no payment was realized in A.Y.2008-09. Thus, entire transaction took place in the financial year 2008-09 (Assessment Year 2009-10). The State Government had given benefit of l....

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....of case and in law, the Hon'ble Appellate Tribunal is justified in upholding the decision of the Ld CIT(A) of deleting the addition of Rs.3,72,57,828/- u/s 50C of the Act made by the Assessing Officer without appreciating the facts that the Assessing Officer correctly applied Jantri Rates for the F.Y.2008-09 and calculated Short Term Capital Gain as the sale of land was executed during the F.Y.2008-09?" (B) "Whether on the facts and circumstances of case and in law, the Hon'ble Appellate Tribunal is justified in upholding the decision of the Ld CIT(A) of deleting the addition of Rs.3,72,57,828/- u/s.50C of the Act made by the Assessing Officer without appreciating the facts that the Assessing Officer correctly pointed outs defects in the ....

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....le deed was registered on 25/07/2008 and assessee had also shown capital gain in the A.Y.2009-10. Therefore, the A.O. was correct in assessing the capital gain considering the Jantri value prevalent on 01/04/2008. 6. The Tribunal relying upon the decision rendered in the case of Hasmukhbhai M. Patel v. ACTT Circle - 1(1) Baroda reported in [2011]12 taxmann.com 300(Ahd), held as under: "8. There is no dispute regarding sale consideration. The dispute regarding the rate adopted on the basis of information collected from Stamp Duty Authorities with regard to various rates which were adopted for the purpose of payment of stamp duty in respect of transfer of property in various area. On the basis of such information, the AO worked out the val....