I.T.O. WARD -3(1), RAIPUR vs. SHRI MEGHRAJ PRAJAPATI, RAIPUR

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ITA 50/BIL/2015Status: DisposedITAT Raipur18 January 2018AY 2009-103 pages
AI SummaryDismissed

What did the Tribunal hold?

The CIT(A) was justified in holding that the estimated fair market value of the property was Rs. 90,57,200/- for the purpose of calculating deemed capital gain u/s. 50C, despite the assessee paying stamp duties of Rs. 172.71 lakhs.

What were the facts?

The assessee sold immovable property for Rs. 66,50,000/-. The Assessing Officer considered the stamp duty paid as Rs. 172.71 lakhs, but the CIT(A) estimated the fair market value at Rs. 90,57,200/- for calculating deemed capital gains.

What were the issues?

Whether the CIT(A) was justified in determining the fair market value for deemed capital gains calculation under Section 50C, considering the stamp duty paid.

Which sections of the Income-tax Act were involved?

Section 50C

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: S/SHRI N.S SAINI & PAVAN KUMAR GADALE

For Respondent: Shri Ajit Kumar Laskar, DR
Hearing: 18/01

Per Pavan Kumar Gadale, JM

This is an appeal filed by the revenue against the order of the CIT(A)-

Raipur, dated 22.1.2015 for the assessment year 2009-2010. 2. The revenue has raised the following ground of appeal:

“ Whether on the facts and circumstances of the case, the CIT(A) has was justified in holding that the estimated fair market value of the property was Rs.90,57,200/- (half share in the case of the assessee i.e at Rs.45,28,600/-) for the purpose of calculation of deemed capital gain u/s. 50C of the Income tax Act, 1961 whereas the assessee has paid stamp duties of Rs.172,71 lakhs as revalued by the registering authorities.”

3.

Brief facts of the case are that the assessee is an individual deriving

income from civil contract work and interest income. The Assessing Officer

found that the assessee has sold immovable property valued at Rs.66,50,000/-. against total land of 0.380 hectare sold jointly with Shri

Champalal Prajapati on 22.10.2008. The Dy.

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