Bombay HC upholds ITAT
order, rules that capital gains arising to assessee during AY 2005-06 on
assignment of development rights, in respect of the immovable property, to a
builder is to be computed based on the amount actually received by assessee,
rejects adoption of stamp duty valuation u/s. 50C; The assessee had entered
into a MOU with the Builder providing them with development rights in respect
of property for a consideration of Rs. 2.51 cr; Firstly, HC notes that there
was a gap of nearly 3 years between the date of execution of the MOU and the
execution of a formal development agreement and the stamp duty authority had
assessed the value of the property on the date of the execution of development
agreement; Next, HC notes that the stamp valuation was for a larger area
whereas the assessee had assigned the development rights only with respect to a
smaller area; In light of these two significant factors, HC notes that ITAT had
not adopted the stamp duty valuation, remarks that, “we do not find that the Tribunal
has committed any error.”:HC
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