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ITAT Mumbai held that deeming fiction of section 50C cannot be extended while working out the written down value [WDV] for the purpose of claiming depreciation on the block of asset. In other words, legal fiction for substantiating the sale consideration by the Stamp Duty Value created under either section 50 or section 43CA cannot be extended to section 32 for claiming depreciation on the block of the asset. Thus, order set aside.
Authorities applied a higher stamp value at registration to compute capital gains. The Tribunal corrected this by directing consideration of the stamp value on the agreement date, subject to verification.
The Tribunal held that section 56(2)(vii)(b) applies automatically when stamp value exceeds purchase price. However, it remanded the matter for DVO valuation to ensure fair determination of market value.
The dispute involved additions made despite small variations between agreement value and stamp duty value. The Tribunal ruled that differences within 10% are immune from Section 43CA, granting relief for genuine transactions.
The Tribunal refused to send the matter back for valuation after finding a clear statutory breach. The addition was deleted outright, reinforcing strict compliance with valuation provisions.
The dispute concerned whether transfer through a release deed amounted to a taxable sale and justified loss claims. The Tribunal remanded the matter, directing verification of books to examine the genuineness of the claimed loss.
The Tribunal found that the appellate order was passed ex parte without a reasoned decision. The case was remanded for fresh adjudication after granting proper hearing.
The Tribunal ruled that nominal differences between declared consideration and stamp duty valuation do not trigger tax. Tolerance limits must be applied to avoid unjust enrichment of revenue.
The Tribunal held that section 50C could not be applied where the sale consideration exceeded the value accepted by the stamp authority. A clerical error in departmental data could not justify substitution of sale value.
The issue was whether commercial usage converts agricultural or residential Lal Dora land into commercial property for stamp duty valuation. The Tribunal ruled that unless revenue records are amended, the original land classification prevails.
