{"id":3517,"date":"2018-12-31T18:05:55","date_gmt":"2018-12-31T18:05:55","guid":{"rendered":"http:\/\/itatonline.org\/digest\/pcit-v-the-executor-of-estate-of-late-smt-manula-a-shah-bomhcwww-itatonline-org\/"},"modified":"2018-12-31T18:05:55","modified_gmt":"2018-12-31T18:05:55","slug":"pcit-v-the-executor-of-estate-of-late-smt-manula-a-shah-bomhcwww-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-the-executor-of-estate-of-late-smt-manula-a-shah-bomhcwww-itatonline-org\/","title":{"rendered":"PCIT v. The Executor of Estate of Late Smt. Manula A. Shah ( Bom)(HC),www.itatonline.org"},"content":{"rendered":"<p><strong>Question raised by the revenue is as under ,<\/strong><\/p>\n<p><em>\u00a0\u201cWhether on the facts and circumstances of the case and in law,<\/em>\u00a0<em>the Tribunal was justified in dismissing the appeal filed by the<\/em>\u00a0<em>Revenue by accepting the sale consideration at Rs.2,51,00,000\/,<\/em>\u00a0<em>accepted by the Revenue in order u\/s 269 UL(3) in place of<\/em>\u00a0<em>Rs.4,63,73,500\/considered<\/em>\u00a0<em>by the Assessing Officer on the basis<\/em>\u00a0<em>of valuation made by the Stamp Duty Authority?\u201d <\/em><\/p>\n<p>Dismissing the appeal of the revenue the Court held that ,<strong>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. <\/strong><strong>\u00a0<\/strong><em>The appropriate authority (Income Tax Department) gave no<\/em>\u00a0<em>objection to grant of development rights at the agreed<\/em>\u00a0<em>consideration of Rs.2,51,00,000\/u\/<\/em>\u00a0<em>s 269UL(3) dated<\/em>\u00a0<em>12.06.2001. The said MOU was converted into a formal<\/em>\u00a0<em>development agreement in September, 2004 on the same terms<\/em>\u00a0<em>and conditions. The stamp duty authorities stamped \/ assessed<\/em>\u00a0<em>the value at Rs.4,63,73,500\/.<\/em>( ITA No. 859\u00a0of \u00a02016,dt. 11.12.2018) ( AY.2005 -06)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 50C: Capital gains-Full value of consideration &#8211; Stamp valuation-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.[ S.45, 269UL(3) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","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":""},"categories":[1],"tags":[],"class_list":["post-3517","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-UJ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=3517"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3517\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=3517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=3517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=3517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}