Question raised by the revenue is as under ,

 “Whether on the facts and circumstances of the case and in law, the Tribunal was justified in dismissing the appeal filed by the Revenue by accepting the sale consideration at Rs.2,51,00,000/, accepted by the Revenue in order u/s 269 UL(3) in place of Rs.4,63,73,500/considered by the Assessing Officer on the basis of valuation made by the Stamp Duty Authority?”

Dismissing the appeal of the revenue the Court held that ,the valuation of the stamp authority cannot be adopted for the purpose of collecting capital gain tax in the hands of the assessee if there is a long gap between the date of execution of the MOU and the execution of a formal development agreement.  The appropriate authority (Income Tax Department) gave no objection to grant of development rights at the agreed consideration of Rs.2,51,00,000/u/ s 269UL(3) dated 12.06.2001. The said MOU was converted into a formal development agreement in September, 2004 on the same terms and conditions. The stamp duty authorities stamped / assessed the value at Rs.4,63,73,500/.( ITA No. 859 of  2016,dt. 11.12.2018) ( AY.2005 -06)