Case Law Details
Neela Reddy Moramreddy Garu Vs ITO (ITAT Hyderabad)
ITAT Hyderabad held that where the date of agreement fixing the amount of consideration and the date of registration of property is different, value adopted by stamp valuation authority on the date of agreement has to be taken for purposes of computing full value of consideration of such transfer.
Facts-
The assessee is an individual and engaged in the business of trading of shares. The case of the assessee was selected for scrutiny, however, AO passed order u/s 143(3) of the Act accepting the returned income.
Subsequently, it was noticed that the assessee offered Long Term Capital Gain (LTCG) from the sale proceeds of 2.92 acres of land which was sold on 28.03.2014 and the same was accepted during the scrutiny assessment. AO reopened the assessment u/s. 147 of the Act after taking due approval from the competent authority as the difference of sale consideration as per the provisions of section 50C of the Act and the sale consideration offered by the assessee was to the tune of Rs.12,16,34,240/.
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