TaxTMI 
TaxTMI 
TaxTMI 
2024 (8) TMI 1166
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....11.03.2016. 2. The revenue assailed the present appeal on the following grounds; "1. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was justified in allowing retrospective benefits to the assessee by directing the AO to take actual sale consideration of the immovable property amounting to Rs. 64,11,000/- while calculating the LTCG despite the fact that the amendment to section 50C(1) of the IT. Act was wef 01.04.2019." 3. The fact as culled out from the records is that the assessee has income from other sources and capital gains and filed the return of her total income at Rs. 3,37,250/- on 29.07.2013. The case was selected for scrutiny under CASS. Notice u/s. 143(2) of the Act was issued on 05.09.2....
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....issued a Show cause notice to the assessee as to why the value of the property should not be taken at Rs. 1,12,20,640/- as per the provision of section 50C (3) of the Act. In response the assessee submitted that Hon'ble Rajasthan High Court granted the stay on the order of Rajasthan Tax Board order. The ld. AO contended that the said stay is for stamp duty valuation and therefore, he proceeded to tax the capital gain as per provision of section 50C of the Act and determined the taxable income at Rs. 47,37,900/-. 4. Aggrieved from the said action of the Assessing Officer, assessee preferred an appeal before the ld. CIT(A)/NFAC. Apropos to the grounds so raised the relevant finding of the ld. CIT(A)/NFAC is reiterated here in below:- "7. D....
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....rd, Ajmer till further orders. In the interim the Assessing Officer completed the assessment in the assessee's case by computing the long term capital gain on sale of property taking the value as per DLC value determined by Rajasthan Tax Board, Ajmer vide their order dated 18.03.2014 of property sold on less brokerage at Rs. 11086420/-. Consequently, the deduction u/s 54F of the Act was restricted to Rs. 1530658 and after allowing deduction u/s 54EC of the Act at Rs. 4060000/-, the taxable Long-term Capital Gains was computed at Rs. 44,52,844/-. In the present appellate proceedings, the appellant submitted that the Hon'ble High Court of Rajasthan had decided the matter and directed the stamp duty valuation authority to make assess....
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....n for stamp duty purposes of the property sold by the assessee has reach finality with the order passed by the Collector Stamps as per the direction of the Hon'ble Rajasthan High Court, and the value has been decided at Rs. 6781105/- as against the actual sale consideration of Rs. 6711000/-. With regard to the applicability of the provisions of Section 50C it is noted that amendment was made vide insertion of 3rd proviso with effect from 1.4.2019 as under: Provided also that where the value adopted or assessed or assessable by the stamp valuation authority does not exceed one hundred and five percent of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the tran....
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.... that the main issue in these appeals is about the applicability of the amended section of 50C from the A.Y 2019-20 and can be given benefit to the assessee for A,Y 2013-14 or not. Therefore, considering that aspect of the matter, the ld. DR prayed that at least the addition that has been arising on account of the reduction of DLC rate granted by the Hon'ble High Court be sustained in the hands of the assessee and the amendment of section 50C cannot be given benefit to the assessee retrospectively. 6. We have heard the ld. DR and perused the material placed on record. The bench noted that the revenue has taken the single ground of the applicability of the amendment made in section 50C of the Act being applied to the assessee for the year u....
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....or the purpose of stamp duty and accordingly Collector (Stamps), Jaipur Circle Third ( Raj , ) had assessed the property for the purpose of stamp duty at Rs. 67,81,105/-. Copy of order of Hon'ble High Court of Rajasthan and order of Collector (Stamps), Jaipur, Circle Third ( Raj .) along with copy of sale agreement showing registered at Rs. 67,81,105/-were duly furnished before the ld. CIT(A). The appellant further submitted that after considering the stamp duty value at Rs. 67,81,105/- as determined by Collector (Stamps), Jaipur, the difference between sale consideration and value adopted for the purpose of stamp duty remained only 1.045% (Difference in value Rs 70,105/-, i.e. Stamp duty value Rs. 67,81,105/- minus Sale consideration R....