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Case Law Details

Case Name : ITO Vs Modipon Ltd (ITAT Delhi)
Related Assessment Year :
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Assessee sold the land vide registered agreement dated 27th May 2004, for consideration of Rs.2,62,08,000/- and on the said date the circle rate was Rs.13,000/- per sq meter. However, on the date of registration of sale-deed, i.e. 16th September 2004, the circle-rate enhanced to Rs.20,000/- per sq meter. It was thus prayed that the AO was not justified to enhance the sale consideration, on the basis of circle-rate prevailing on the date of execution of sale deed. The ld CIT(A) however rejected the said submission and held t

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