2024 (12) TMI 710

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 2. The substantial question of law that arises for consideration is as follows:- "Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in directing the assessing officer to adopt the value of the property sold by the assessee as on 01.04.1981 taking the revaluation figure of Rs.88,41,695/- as on 31.03.1985 and accordingly arrive at the market value as on 01.04.1981 by backward indexation adopting the cost inflation index for the relevant years without considering the guideline value fixed for stamp duty purposes and without any relevant material to substantiate the revaluation done as on 31.03.1985?" 3. We have heard Mr.Avinash Krishnan Ravi, learned Junior Standing Counsel for the Income-Tax ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... include transaction which are not registered with stamp duty valuation authority and executed through agreement to sell or power of attorney. Consequently, it is made clear therein that the amendments have been made applicable with effect from 01.10.2009 and therefore, they will apply only in relation to transaction undertaken on or after such date. The relevant portion of the circular is extracted hereunder: "23.4. Applicability:- These amendments have been made applicable with effect from 1st October, 2009 and will accordingly, apply in relation to transactions undertaken on or after such date." 8.Learned counsel for the Revenue is not disputing about the existence of such circular issued by the Board. If the Board has issued a circu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....47 ITR 128 SC: (1999) 7 SCC 84), while interpreting Section 37B of the Central Excise Act, 1944, which is in pari materia with Section 28A of the TNGST Act, this Court had held that the circulars issued by the Central Board of Excise and Customs are binding on the Department and the Department is precluded from challenging the correctness of the said circulars, even on the ground of the same being inconsistent with the statutory provision. It was further held that the Department is precluded from the right to file an appeal against the correctness of the binding nature of the circulars and the Department's action has to be consistent with the circular which is in force at the relevant point of time." 9.Even otherwise, we are of the fi....