Sale consideration received for transfer of property is less than the value determined for payment of stamp duty

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Last updated: 19 May 2021
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This Income Tax Appellate Tribunal case concerns a property sale where the declared sale consideration was significantly lower than the value determined for stamp duty purposes. The Revenue appealed the CIT(A)'s decision, arguing that the lower authority erred in accepting a sale consideration of £52.66 crores instead of £32 crores as stated in the sale deed, and incorrectly concluded the Director of Valuation's (DVO) value was lower than the sale consideration. The Revenue contended that the DVO's value of £48.91 crores was actually higher than the sale deed amount and should have been adopted.

Court :
ITAT Chennai

Brief :
 This appeal filed by the Revenue is directed against order of the learned CIT(A)-14, Chennai dated 26.03.2018 and pertains to assessment year 2012-13.

Citation :
I.T.A.No.2072/Chny/2018

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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