{"id":9487,"date":"2015-01-12T09:09:36","date_gmt":"2015-01-12T03:39:36","guid":{"rendered":"http:\/\/itatonline.org\/archives\/?p=9487"},"modified":"2015-01-12T09:09:36","modified_gmt":"2015-01-12T03:39:36","slug":"ito-vs-modipon-ltd-itat-delhi-s-50c-the-consideration-has-to-be-determined-on-the-basis-of-the-circle-rate-prevailing-on-the-date-of-execution-of-sale-deed-and-not-on-the-basis-of-the-circle-rate-pr","status":"publish","type":"post","link":"https:\/\/itatonline.org\/archives\/ito-vs-modipon-ltd-itat-delhi-s-50c-the-consideration-has-to-be-determined-on-the-basis-of-the-circle-rate-prevailing-on-the-date-of-execution-of-sale-deed-and-not-on-the-basis-of-the-circle-rate-pr\/","title":{"rendered":"ITO vs. Modipon Ltd (ITAT Delhi)"},"content":{"rendered":"<p>It is manifest that u\/s 50C, the value adopted by the stamp-valuation authority is deemed as the consideration for computation of capital gain. However, such valuation adopted by the stamp-valuation authority should be in respect of the transfer by the assessee, of the capital assets. The agreement to sale was duly registered, whereby, the total consideration was agreed to between parties works out to Rs.2,62,08,000\/- and was adopted as the consideration for the payment of stamp-duty i.e.@ 4% of Rs.2,62,08,000\/- i.e. Rs.10,48,320\/-. In view thereof, the aforesaid valuation is also the value adopted by the stamp valuation authority in respect of transfer of the capital asset by the assessee. However subsequent to the said agreement to sell, there was change in the circle rate from 16th June 2014, whereby the valuation was enhanced from Rs.13,000\/- to Rs.20,000\/- per sq meter. This enhancement was beyond the control of the assessee (seller). It is also not the case of the revenue, that the buyer has given more than the consideration that has been accepted by the parties where they executed the agreement to sale. Furthermore on facts of a case, the Hon\u2019ble Apex court held that registration of the transfer in accordance with the agreement to sale cannot be termed as the \u201cdate of transfer\u201d as envisaged by Section 50C of the Act (<strong>Sanjeev lal &#038; Anr. Vs. CIT &#038; Anr<\/strong>. (2014) 365 ITR 389(SC)).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is manifest that u\/s 50C, the value adopted by the stamp-valuation authority is deemed as the consideration for computation of capital gain. However, such valuation adopted by the stamp-valuation authority should be in respect of the transfer by the assessee, of the capital assets. This enhancement was beyond the control of the assessee (seller). It is also not the case of the revenue, that the buyer has given more than the consideration that has been accepted by the parties where they executed the agreement to sale.<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/itatonline.org\/archives\/ito-vs-modipon-ltd-itat-delhi-s-50c-the-consideration-has-to-be-determined-on-the-basis-of-the-circle-rate-prevailing-on-the-date-of-execution-of-sale-deed-and-not-on-the-basis-of-the-circle-rate-pr\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4,8],"tags":[],"class_list":["post-9487","post","type-post","status-publish","format-standard","hentry","category-all-judgements","category-tribunal","judges-a-t-varkey-jm","judges-t-s-kapoor-am","section-50c","counsel-santosh-agarwal","court-itat-delhi","catchwords-capital-gains","genre-domestic-tax"],"acf":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/9487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/comments?post=9487"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/posts\/9487\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/media?parent=9487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/categories?post=9487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/archives\/wp-json\/wp\/v2\/tags?post=9487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}