Case Law Details
Case Name : Harish Voovaya Shetty Vs ITO (ITAT Mumbai)
Related Assessment Year : 2007-08
Courts :
All ITAT ITAT Mumbai
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1. During the year under consideration the assessee had sold his 50% sharein the property of plots of land bearing City Survey No.4645, 4643 & 4606 admeasuring 604 sq. meters, 13.07 sq. meters and 65.06 sq. mters respectively to Mrs. Varakshini C. Shetty in the Village Mira, Tal: Thane for a sale consideration of Rs.4,50,000/-. The said plot of land was valued for Stamp Duty purposes at Rs.15,89,000/-. Applying section 50C of Income Tax Act, 1961 (the Act) the difference between sale price and Stamp Duty value was considered for the purpose
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We have admire the legal system of our country. Stamp duty is based on the fair market value of the property and the seller/buyer has to pay the stamp duty as per that, else, papers will go the under-value cell for disposal. But mere payment of the stamp duty for a higher value, by itself cannot be considered as concealment of income. Welcome judgement.