Tuesday 28 October 2014

ITO vs. Onkarmal Kajaria Family Trust (ITAT Kolkata)

S. 50C: AO cannot straightaway adopt stamp duty value as consideration for capital gains but must offer assessee benefit of reference to DVO for valuation


It is difficult to accept the proposition that the assessee had accepted that the price fixed by the District Sub Registrar was the fair market value of the property. No such inference can be made as against the assessee because he had nothing to do in the matter. Stamp duty was payable by the purchaser. […]

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