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Valuation of stamp authority cannot be adopted in case of long gap between date of MOU execution and formal development agreement
Case Law Details
- Case Name
- PCIT Vs Executor of Estate of Late Smt. Manjula A. Shah (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
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PCIT Vs Executor of Estate of Late Smt. Manjula A. Shah (Bombay High Court)
From the record, it can thus be seen that there were two significant factors why the CIT(A) and the Tribunal did not adopt the valuation of the stamp authority for the purpose ofcollecting capital gain tax in the hands of the assessee. Firstly, there was a gap of nearly 3 years between the date of execution of the MOU and the execution of a formal development agreement. Obviously, the valuation made by the stamp authority was as on the date of the execution of the development agreement. Secondly and more importantly, t...
