SHRI DEV BRAT SHARMA,JALANDHAR vs. INCOME TAX OFFICER,WARD 3 (1), JALANDHAR

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ITA 493/ASR/2018Status: DisposedITAT Amritsar17 January 2019AY 2015-169 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal decided that the sale value of the property should be determined based on the circle rate/segment rate of Rs. 1 crore, not the lower sale consideration declared by the assessee. Consequently, the LTCG was upheld at Rs. 74,61,158/-.

What were the facts?

The assessee sold a property for Rs. 28,00,000/- and returned a Long Term Capital Gain (LTCG) of Rs. 2,61,158/-. The Assessing Officer (AO) noted that stamp duty was paid on the circle value of Rs. 1 crore for the property.

What were the issues?

The primary issue was the correct valuation of the property for the purpose of calculating Long Term Capital Gains, specifically whether to consider the declared sale consideration or the circle rate.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 143(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Camp Bench at Jalandhar

Before: Shri. N.K. Saini & Shri. Ravish Sood

For Appellant: Shri. Sandeep Vijh, CA
For Respondent: Shri M.S. Parmar, D.R
Hearing: 15.01.2019Pronounced: 17.01.2019

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to :

1.

अपीलाथ� / The Appellant 2. ��यथ� / The Respondent. 3. आयकर आयु�त(अपील) / The CIT(A)- 4. आयकर आयु�त / CIT 5. DR, ITAT, Jalandhar 6. गाड� फाईल / Guard file. स�या�पत ��त //True Copy// आदेशानुसार/ BY ORDER, उप/सहायक पंजीकार (Dy./Asstt. Registrar) आयकर अपील�य अ�धकरण, मुंबई / ITAT, Jalandhar

Sr.No. Details Date Initials Designation 1 Draft dictated on 15.01.2019 Sr.PS/PS 2 Draft Placed before author 17.01.2019 Sr.PS/PS 3 Draft proposed & placed before the JM/AM Second Member 4 Draft discussed/approved by Second JM/AM Member 5 Approved Draft comes to the Sr.PS/PS Sr.PS/PS 6 Kept for pronouncement on Sr.PS/PS 7 File sent to the Bench Clerk Sr.PS/PS 8 Date on which the file goes to the Head clerk 9 Date on which file goes to the AR 10 Date of Dispatch of order

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