Court :
ITAT Delhi
Brief :
During the previous year relevant to the Assessment Year 2005-06, the assessee company had sold a plot of land as per sale-deed dated 16.09.2004. The sale price on which capital gain hasbeen worked out was taken at Rs.2,57,76,000/- (Rs.2,62,08,000 less brokerage of Rs.4,32,000/-). As per the sale deed of the said plot filed during the assessment proceedings, it is seen that the circle rate of the said plot was Rs.40,32,000/- on which stamp duty had been charged by the sub-registrar, GDA, Ghaziabad. The assessee was asked by AO, to clarify vide order sheet entry dated 20.12.2007 as to why in terms of provisions of section 50C(1) of the Income Tax Act, 1961 (herein after ‘the Act’), the circle rate may not be adopted for computing the capital gain on sale of above property.
Citation :
ITO – Appellant – Versus – M/s Modipon Ltd - Respondent
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