ITAT, Mumbai deleted capital gain computation done on the basis of Stamp Duty Valuation

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ITAT, Mumbai deleted capital gain computation done on the basis of Stamp Duty Valuation

ITAT, Mumbai deleted capital gain computation done on the basis of Stamp Duty Valuation

It is mechanically followed by the Assessing Officer without application of mind or considering the genuiness of the case.
Here is one of the important judgement wherein court have deleted computation of capital gain on the basis of Stamp Duty Valuation without considering the actual circumstances of the case.
 The adoption of stamp valuation as the sale consideration is not justified in absence of any evidence that the sale consideration was more than the value shown in the agreement.
 The AO has not brought on record that the property under sale was not was under various encumbrances and the assessee was having the absolute marketable title of the said property (All judgements considered)
The value adopted for the purpose of payment of stamp duty is not disputed by the assessee. The assessing officer has not brought on record that the property under sale was not was under various encumbrances and the assessee was having the absolute marketable title of the said property. No material is brought on record by assessing officer that the assessee has received much more consideration than shown in the MOI. The assessing officer treated the stamp valuation rate as the value of consideration, despite the facts that the assessee throughout the proceedings contended that the assessee was neither having possessing of the impugned piece of land nor having marketable title. The assessee offered the said piece of land on the basis ‘as is where is’. These vital facts were ignored by the lower authorities
ITA No. 2243/Mum/2015 (Assessment Year 2011-12)

Sir Mohd. Yusuf Trust vs. ACIT (ITAT Mumbai)

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