Court :
ITAT Delhi
Brief :
This appeal filed by the assessee is directed against the order dated 26th December, 2017 of the CIT(A)-7, New Delhi, relating to assessment year 2014-15.
Citation :
ITA No.1311/Del/2018
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH : SMC-1 : NEW DELHI
BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER
ITA No.1311/Del/2018
Assessment Year: 2014-15
RMG Buildwell (P) Ltd.,
G-1354, Lower Ground Floor,
CR Park,
New Delhi.
PAN: AAECR0311C
(Appellant)
VS
ITO,
Ward-20(3),
New Delhi.
(Respondent)
Assessee by : Shri Naresh Chandra Agarwal, CA
Revenue by : Shri M. Barnwal, Sr. DR
Date of Hearing : 15.07.2021
Date of Pronouncement : 27.07.2021
ORDER
This appeal filed by the assessee is directed against the order dated 26th December, 2017 of the CIT(A)-7, New Delhi, relating to assessment year 2014-15.
2. Whether the learned CIT (A) as well as assessing officer was justified in not referring the property in question to the department valuation officer as demanded by the assessee and as per the provision of section 43CA read with section 50C of the Act.”
3. I find some force in the above argument of the ld. Counsel. Undoubtedly, the flat sold by M/s Techmen Buildwell (P) Ltd. for Rs.55,16,000/- was less than the circle rate since the stamp duty was to be paid by the purchaser at Rs.59,78,115/-.
4. Since the difference between circle rate and the actual sale consideration in the instant case at Rs.4,62,115/- is about 7.7% of the circle rate, which is less than 10% of the stamp duty valuation, therefore, respectfully following the decision of the Mumbai Bench of the Tribunal, I hold that the ld.
5. In the result, the appeal filed by the assessee is allowed.
Pronounced in the open court on 27.07.2021.
Please find attached the enclosed file for the full judgement.
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