2025 (2) TMI 1687

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.... The Learned Assessing Officer (hereinafter referred as ld. AO) has erred in law and in facts in considering the Long Term Capital Loss on sale of property at Rs. 2,13,269/- instead of Rs. 4,99,369/-. 2. The Learned AO has erred in law in not appreciating that as per the amendment introduced by Finance Act, 2021, the variation upto 10% is permitted in the value assessable by the stamp valuation authority visa- vis actual sales consideration received for the sale of immovable property and since the said amendment has been curative in nature the same has been applicable to Assessment Year 2020-21 as well." 3. The assessee is engaged in the business of trading in toy at Domestic and International level. The case of the assessee was....

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.... claimed his share as one third which comes to Rs. 17,96,818/- as per the observation made by the Assessing Officer in paragraph no.3 of the Assessment Order. After issuing salutatory notices and taking on record the assessee's submissions alongwith evidences, the Assessing Officer held that the assessee failed to furnish relevant documents alongwith nature and purpose of loan i.e. whether it was used for acquiring the said property or not. The assessee furnished Bank interest certificate which is also unsigned and without any stamp of Bank and it bears the name TOYCRA. The certificate issued by the Bank does not contain assessee's name and the loan product mentioned as "Loan against Property". Therefore, the amount of Rs. 5,14,119/- claime....

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....by the Finance Act, 2021, the variation upto 20% is permitted in the value assessable by the Stamp Valuation Authority vis-a-vis actual sales consideration received for the sale of immovable property and since the said amendment is curative in nature the same is applicable in A.Y. 2020-21. 6. The Ld. DR relied upon the Assessment Officer and the order of the CIT(A). The Ld. DR pointed out paragraph no. 3.9 wherein it is categorically mentioned that the provisions of Section 43CA, 50C and 56 of the Act provide for safe harbour of 5%. There was representation requesting that the said safe harbour of 5% may be increased and the same was proposed subsequently w.e.f. 01.04.2021 i.e. A.Y. 2021- 22 and subsequent A.Ys. safe harbour limit of 5% ....