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 of computation of capital gain. On such differenc...
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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.