COMMISSIONER OF INCOME TAX Vs. SHWETA BHUCHAR

JUDGEMENT

(1.) By this order we propose to dispose of ITA Nos. 67 and 75 of 2010 as common questions of law and fact are involved. However, facts are being referred from ITA No. 67 of 2010.

(2.) The revenue has approached this Court by filing the instant appeal under Section 260A of the Income-tax Act (for brevity 'the Act') challenging order dated 8-4-2009, passed by the Income-tax Appellate Tribunal, Delhi Bench 'G', Delhi (for brevity, 'the Tribunal'), in ITA No. 1578 (Delhi) of 2008, for the assessment year 2004-05. The revenue has claimed various questions of law but at the time of arguments the following three questions were pressed:

(3.) It is appropriate to mention that the Tribunal has noticed in its order that the issue involved in the case before it was squarely covered by the order of the Tribunal passed on 27-2-2009 in ITA No. 1580 (Delhi) of 2008, for the assessment year 2004-05, in the case of Smt. Chandni Bhuchar, a co-assessee of the present assessee. Against the aforesaid order passed by the Tribunal, the revenue has approached this Court by filing CIT v. Chandni Bhuchar IT Appeal No. 653 of 2009, which was dismissed on 7-1-2010, holding that the value adopted or assessed by any authority of the State Government for the purpose of payment of stamp duty in respect of land or building at the time of execution of the transfer deed cannot be taken as sale consideration received for the purpose of Section 48 of the Act. Accordingly, it was held that no additions could have been made by the Assessing Officer merely because the State Government assessed the price of the property at a much higher value for the purposes of payment of stamp duty. Accordingly, the first two questions deserves to be answered against the revenue, as has been done in the case of co-assessee in ITA No. 653 of 2009, dismissed on 7-1-2010.