LAXMMAN DAS SABDANI, Jaipur V. INCOME TAX OFFICER, WARD-4, Jaipur

ITA 207/JPR/2019

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 4724 (ITAT-JAIPUR)
• Duration Of Justice: 1 year(s) 11 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-02-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2009-2010
• Appeal Filed On: 18-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A S NEHRA ACIT A
• Keywords: Sale consideration of property below Jantri Value; Additional evidence; Competent authority; Set aside; Capital Gains
• Section: 50C; 133(6); 54

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHE S,A JAIPUR JH LAANHI XKSLKBZ] U;KF;D LNL; ,OA JH FOE FLAG ;KNO] YS[KK LNL; DS LE{K BEFORE: SHRI SANDEEP GOSAIN, JM & SHRI VIKRAM SING H YADAV, AM VK;DJ VIHY LA-@ ITA. NO. 207/JP/2019 FU/KZKJ.K O'K Z@ ASSESSMENT YEARS : 2009-10 SHRI LAXMAN DAS SABDANI 39, SINDHU NAGAR, COLONY, NAHARI KA NAKA, SHASTRI NAGAR, JAIPUR-302016.. CUKE VS. THE ITO, WARD-4, JAIPUR. LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO.: AWXPS 0493 A VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ L S@ ASSESSEE BY : SHRI ROHAN SOGANI (C.A.) JKTLO DH VKSJ LS @ REVENUE BY : SHRI A.S. NEHRA (ACIT) A LQUOKBZ DH RKJH[ K@ DATE OF HEARING : 20/01/2021 MN?KKS'K.KK DH RKJH[ K@ DATE OF PRONOUNCEMENT : 03/02/2021 VKNS'K@ ORDER PER: VIKRAM SINGH YADAV, A.M. THE ASSESSEE HAS FILED THE PRESENT APPEAL AGAINST THE ORDER OF LD. CIT(A), AJMER DATED 14.12.2018 FOR THE ASSESSMENT Y EAR 2009-10 WHEREIN THE ASSESSEE HAS TAKEN FOLLOWING GROUND OF APPEAL:- IN THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN L AW, LD. CIT(A) HAS ERRED IN CONFIRMING THE ACTION OF THE LD. AO IN TAKING THE DEEMED VALUE OF THE PROPERTY, SOLD BY THE ASSESEE, AT RS. 77,03,999/-. THE ACTION OF THE LD. CIT(A) IS ILLEGA L, UNJUSTIFIED, ARBITRARY AND AGAINST THE FACTS OF THE CASE. RELIEF MAY PLEASE BE GRANTED BY TAKING THE VALUE OF PROPERTY IN ACCORDAN CE WITH THE ITA NO. 207/JP/2019 SHRI LAXMAN DAS SABDANI. VS. ITO 2 PROVISION OF LAW THEREBY DELETING THE ADDITIONS MAD E BY THE LD. AO AND CONFIRMED BY THE LD.CIT(A). 2. DURING THE COURSE OF HEARING, THE LD. AR SUBMIT TED THAT THE ASSESSEE FILED HIS RETURN OF INCOME ON 29.07.2009 D ECLARING TOTAL INCOME OF RS. 1,48,320/-. ASSESSEE, DURING THE RELE VANT PREVIOUS YEAR, SOLD HIS OWN RESIDENTIAL PROPERTY LOCATED AT PLOT N O. 39, SINDHU NAGAR COLONY NAHARI KA NAKA, JAIPUR (THE PROPERTY). THE PROPERTY WAS SOLD BY THE ASSESSEE FOR RS. 23,00,000/- TO M/S SHIVA BU ILDERS, JAIPUR (THE BUYER) VIDE REGISTERED SALE DEED DATED 8.12.2008. THE PROPERTY FOR THE PURPOSE OF STAMP DUTY, ON THE DATE OF EXECUTION OF THE SALE DEED, WAS CONSIDERED AS RESIDENTIAL PROPERTY AND WAS VALUED A T RS. 23,00,000/-. OUT OF THE SALE CONSIDERATION OF RS. 23,00,000, REC EIVED ON SALE OF THE PROPERTY, RS. 22,30,440 WAS USED FOR PURCHASE AND CONSTRUCTION/IMPROVEMENT OF A NEW RESIDENTIAL PROPE RTY SITUATED AT 95, KRISHNA NAGAR, SIRSI ROAD, VAISHALI NAGAR, JAIPUR A ND ACCORDINGLY DEDUCTION WAS CLAIMED OUT OF THE LONG TERM CAPITAL GAIN UNDER SECTION 54 OF INCOME TAX ACT, 1961. VALUE OF THE PROPERTY F OR THE PURPOSE OF STAMP DUTY WAS REASSESSED TWICE FROM THE VALUE OF R S. 23,00,000/- CONSIDERED BY THE REGISTRAR AT THE TIME OF REGISTRA TION OF THE SALE DEED. AT FIRST, THE VALUE OF THE PROPERTY WAS ENHANCED TO RS. 32,93,512/-, CONSIDERING THE SAME AS RESIDENTIAL AND THEN SUBSEQ UENTLY WAS FURTHER ENHANCED TO RS. 77,03,999/-. THE ENHANCEMENT, AT TH E SECOND INSTANCE, WAS DONE ON THE BASIS OF FIELD VISIT ALLE GED TO HAVE BEEN CONDUCTED BY THE STAMP VALUATION AUTHORITIES ON 08. 12.2008. TAKING COGNIZANCE OF THE SECOND VALUATION DONE BY THE STAM P VALUATION AUTHORITIES, LD. AO, IN THE FIRST ROUND OF PROCEEDI NGS, CONSIDERED RS. 77,03,999 AS THE VALUE FOR THE PURPOSE OF SECTION 5 0C AND ACCORDINGLY ITA NO. 207/JP/2019 SHRI LAXMAN DAS SABDANI. VS. ITO 3 DETERMINED CAPITAL GAIN AT RS. 54,03,999/- AS AGAIN ST RS. 65,095/- DECLARED BY THE ASSESSEE IN HIS RETURN OF INCOME. 3. IT WAS CONTENDED, BEFORE THE AO, IN THE FIRST RO UND OF PROCEEDINGS, THAT THE PROPERTY WAS SOLD BY THE ASSE SSEE FOR RS. 23,00,000/- WHICH WAS ALSO THE VALUE ADOPTED FOR TH E PURPOSE OF STAMP DUTY, BY THE STAMP VALUATION AUTHORITIES, AS IS EVI DENT FROM THE REGISTERED SALE DEED DATED 8.12.2008. HOWEVER, THE AO, IN THE FIRST ROUND OF PROCEEDINGS, CONSIDERED REASSESSED AMOUNT OF RS. 77,03,999 AS THE VALUE FOR THE PURPOSE OF SECTION 50C. ORDER OF AO DATED 27.12.2011, WAS UPHELD BY LD. CIT(A) IN THE FIRST R OUND OF PROCEEDINGS VIDE ORDER DATED 26.11.2012. 4. IT WAS SUBMITTED THAT THE BUYER APPLIED FOR REFE RENCE BEFORE THE RAJASTHAN TAX BOARD, AGAINST THE ORDER PASSED BY AD DITIONAL COLLECTOR (ORDER DATED 20.08.2010) ENHANCING THE VALUE OF THE PROPERTY TO RS. 77,03,999/- FOR THE PURPOSE OF STAMP DUTY. RAJASTHA N TAX BOARD, VIDE ITS ORDER DATED 14.08.2012, SET ASIDE/QUASHED THE O RDER OF THE ADDITIONAL COLLECTOR AND POINTED OUT THE LAXITY IN APPROACH OF ADDITIONAL COLLECTOR AND THE FIELD VISIT DONE FOR DETERMINING THE ENHANCED VALUE OF THE PROPERTY. 5. THE ABOVE FACT OF REFERENCE MADE BY THE BUYER AN D THE ORDER OF THE RAJASTHAN TAX BOARD CAME TO THE KNOWLEDGE OF TH E ASSESSEE ONLY IN THE FORM OF REPLY RECEIVED (DATED 23.07.2015) AGAIN ST APPLICATION MADE BY THE ASSESSEE, IN THIS REGARD, UNDER THE RIGHT TO INFORMATION ACT, ITA NO. 207/JP/2019 SHRI LAXMAN DAS SABDANI. VS. ITO 4 2005. BEFORE THE ITAT, IN THE FIRST ROUND OF PROCE EDINGS, FOLLOWING DOCUMENTS WERE FILED AS PART OF THE ADDITIONAL EVID ENCES: - COPY OF THE ORDER OF THE RAJASTHAN TAX BOARD IN THE CASE OF M/S SHIVA BUILDERS COPY OF THE ORDER OF ADDITIONAL COLLECTOR (STAMPS) ENHANCING THE VALUE OF THE PROPERTY FOR THE PURPOSE OF STAMP DUTY COPY OF REPLY RECEIVED AGAINST APPLICATION FILED UN DER THE RIGHT TO INFORMATION ACT, 2005 THE ITAT, IN THE FIRST ROUND OF PROCEEDINGS, ADMITT ED THE ABOVE- MENTIONED ADDITIONAL EVIDENCES AND SET-ASIDE THE CA SE TO THE FILE OF THE LD. AO. 6. THE ABOVE-MENTIONED FACTS ALONG WITH THE RELEVAN T DOCUMENTS WERE MADE KNOWN TO AO, IN THE SET ASIDE PROCEEDINGS . THE AO, BASED ON THE DETAILS SUBMITTED, ALSO ISSUED A NOTICE, UND ER SECTION 133(6), TO THE SUB-REGISTRAR, IN ORDER TO FIND OUT THE STATUS OF THE LITIGATION WITH REGARD TO THE STAMP DUTY PROCEEDINGS. THE SUB-REGIS TRAR VIDE LETTER DATED 24.06.2016, 21.07.2016 & 15.12.2016 REITERATE D THE FACT THAT THE ORDER OF ADDITIONAL COLLECTOR (STAMPS), ENHANCING T HE VALUE OF THE PROPERTY TO RS. 77,03,999/-, WAS SUBSEQUENTLY QUASH ED BY THE RAJASTHAN TAX BOARD. HOWEVER, THE LD. AO, MADE THE SAME ADDITIONS IN THE HANDS OF THE ASSESSEE, AS DONE IN THE FIRST ROU ND OF PROCEEDINGS. 7. BEFORE LD. CIT(A), ELABORATE SUBMISSIONS WERE MA DE, PART OF WHICH HAVE ALSO BEEN REPRODUCED BY HIM IN HIS ORDER FROM PAGE 2-3. IT WAS CONTENDED BEFORE LD. CIT(A), THAT AFTER THE ORD ER OF RAJASTHAN TAX BOARD, THE ENHANCED VALUE OF THE PROPERTY SHOULD NO T BE CONSIDERED, AS ITA NO. 207/JP/2019 SHRI LAXMAN DAS SABDANI. VS. ITO 5 THE ORDER OF ADDITIONAL COLLECTOR HAS BEEN SET TO N AUGHT BY RAJASTHAN TAX BOARD. HOWEVER, LD. CIT(A) UPHELD THE ORDER OF LD. AO FOR THE REASON THAT THE CURRENT STATUS OF THE PROCEEDINGS U NDER THE RAJASTHAN STAMP ACT WAS UNKNOWN. 8. IN THE ABOVE FACTUAL BACKGROUND, THE LD. AR SUBM ITTED THAT THE ORDER, ENHANCING THE VALUE OF THE PROPERTY, PASSED BY THE ADDITIONAL COLLECTOR (STAMPS) WAS SUBSEQUENTLY QUASHED BY THE RAJASTHAN TAX BOARD. THUS, THE VALUE OF THE PROPERTY AS ORIGINALL Y TAKEN AT THE TIME OF REGISTERING THE SALE DEED OF RS. 23,00,000/- SHOULD BE CONSIDERED FOR THE PURPOSE OF SECTION 50C AND NOT THE ENHANCED VAL UE OF RS. 77,03,999/-. THUS, THE MATTER WITH REGARD TO THE VA LUE FOR STAMP DUTY PURPOSE ATTAINED FINALITY ONCE THE ORDER OF RAJASTH AN TAX BOARD QUASHING THE ENHANCED VALUE WAS PASSED. 9. FURTHER, IN ANOTHER SET OF PROCEEDINGS, BEFORE T HE ADDITIONAL COLLECTOR STAMPS, FOR THE SAME PROPERTY, ADDL. COLL ECTOR STAMPS VIDE ITS ORDER DATED 11.4.2016, ACKNOWLEDGED THE FACT THAT R AJASTHAN TAX BOARD, VIDE ITS ORDER DATED 14.08.2012 HAS ALREADY SET ASIDE THE ORDER OF THE ADDL. COLLECTOR (STAMP DUTY) DATED 20.08.201 0 IN THE CASE OF BUYER FOR THE SAME PROPERTY AND DIRECTED TO DELETE ALL THE OUTSTANDING DEMAND, WITH REGARD TO STAMP DUTY, AGAINST THE BUYE R. ALSO, IN RESPONSE TO THE LETTER ISSUED BY LD. AO, SEEKING IN FORMATION UNDER SECTION 133(6) IN THIS REGARD, SUB-REGISTRAR, VIDE ITS LETTER DATED 13.12.2016, HAS REITERATED THE FACT IN CLEAR TERMS THAT THE VALUE OF THE PROPERTY, FOR THE PURPOSE OF STAMP DUTY VALUATION H AS BEEN REINSTATED TO THE ORIGINAL AMOUNT OF RS. 23,00,000 AND THE EAR LIER ORDER ITA NO. 207/JP/2019 SHRI LAXMAN DAS SABDANI. VS. ITO 6 DETERMINING THE VALUE OF THE PROPERTY AT 77,03,999 HAS BEEN REJECTED. SNAP SHOT OF THE LETTER IS REPRODUCED HERE UNDER:- MIJKSDR FO'K;KURXZR IZKLAFXD I= DS }KJK PKGH X;H LW PUK ESA JH Y{EU NKL LCNKUH }KJK ,D NLRKOST FNUAKD 08-12-2008 DKS 23]00] 000@& YK[K :I;S DH EKFY;R IJ IZLRQR FD;K] FTLDK CKN IATH;U EKSDK FUJH{ K.K FD;K X;K] CKN EKSDK FUJH{K.K MIJKUR NLRKOST DH EKFY;R 77]03]999@& YK[K :I;S VKADRS GQ;S] U;K;KY; DYDVJ EQNZKAD DS ;GKWA IZDJ.K LA[;K 6 11@2009 LS NTZ GKSDJ FNUAKD 20-08-2010 DKS FUFEZR GQVK GS] FTLDS FO:} VI ZKFKHZ DH VKSJ LS EKUUH; DJ CKSMZ JKTLFKKU] VTESJ ESA FUXJKUH LA[;K 400@2001 @T;IQJ NK;J GQBZ] FTLDK FU.KZ; FNUKAD 14-08-2012 DKS IKFJR GKSDJ BL U ;K;KY; FU.KZ; DKS VIKLR FD;K TK PQDK GSA 10. BOTH THE LOWER AUTHORITIES TOOK COGNIZANCE OF T HE ORDER DATED 14.08.2012, PASSED BY THE RAJASTHAN TAX BOARD. HOWE VER, CONSIDERED THE VALUE OF THE PROPERTY FOR STAMP DUTY PURPOSES, AS PER SECTION 50C, TO BE RS. 77,03,999 INSTEAD OF RS. 23,00,000 FOR TH E SOLE REASON THAT THE CURRENT STATUS OF THE PROCEEDINGS BEFORE THE ST AMP DUTY AUTHORITIES WAS NOT KNOWN. 11. IT WAS SUBMITTED THAT THE MATTER BEFORE THE STA MP DUTY AUTHORITIES REACHED FINALITY AFTER PASSING OF THE O RDER DATED 14.08.2012 BY THE RAJASTHAN TAX BOARD. PURSUANT TO SUCH ORDER OF THE RAJASTHAN TAX BOARD, THE STAMP DUTY AUTHORITIES HAVE EVEN GRA NTED REFUND OF THE AMOUNT DEPOSITED BY THE BUYER, AGAINST THE STAMP DU TY DEMAND. IN THIS REGARD, LETTER DATED 24.06.2020 WAS ISSUED BY THE STAMP DUTY AUTHORITIES, TO THE BUYER, CLEARLY STATING THAT THE ORDER OF ADDL. COLLECTOR (STAMPS) (ORDER NO. 6/11/2009, DATED 20.08.2010) EN HANCING THE VALUE OF THE PROPERTY FOR THE PURPOSE OF PAYMENT OF STAMP DUTY WAS SUBSEQUENTLY QUASHED BY THE RAJASTHAN TAX BOARD VID E ORDER NO. ITA NO. 207/JP/2019 SHRI LAXMAN DAS SABDANI. VS. ITO 7 400/2011 DATED 14.08.2012. FURTHER, IT HAS ALSO BEE N SPECIFIED THAT WHATEVER STAMP DUTY ON SUCH ENHANCED VALUE, WHICH W AS DEPOSITED BY THE BUYER INITIALLY, UNDER PROTEST, WAS TO BE REFUN DED. 12. THE FACT THAT SUCH AMOUNT WAS EVEN REFUNDED TO THE BUYER SUBSEQUENTLY IS EVIDENT FROM THE BANK STATEMENT OF THE BUYER FOR THE MONTH OF JULY, 2020, WHEREIN, THE BUYER, M/S SHIVA BUILDERS, HAS RECEIVED RS. 2,30,225/- ON 02.07.2020. THUS, AFTER PASSING OF THE ORDER BY ADDL. COLLECTOR (STAMPS), THE REFUND HAS BEEN GR ANTED TO THE BUYER, OF THE STAMP DUTY AMOUNT DEPOSITED ON THE ENHANCED VALUE OF THE PROPERTY. THIS CLEARLY SHOWS THAT THE STAMP DUTY AU THORITIES HAVE ACCEPTED THE ORDER OF THE RAJASTHAN TAX BOARD DATED 14.08.2012. ACCORDINGLY, THE VALUE OF THE PROPERTY FOR THE PURP OSE OF STAMP DUTY SHOULD BE CONSIDERED AT RS. 23,00,000/- AND NOT RS. 77,03,999/-. LETTER DATED 24.06.2020 ISSUED BY THE STAMP DUTY AUTHORITI ES AND ALSO THE BANK STATEMENT OF THE BUYER, AS REFERRED TO IN PARA 3.7 TO 3.9 ABOVE, HAVE BEEN FILED AS ADDITIONAL EVIDENCES, BEFORE THE ITAT, JAIPUR BENCH, ALONG WITH THE PAYER FOR THEIR ADMISSION, UNDER RUL E 29 OF THE ITAT RULES, 1963. IN VIEW OF THE ABOVE, LONG TERM CAPITA L GAIN MAY PLEASE BE DETERMINED BASED ON THE VALUE OF THE PROPERTY DETER MINED AT THE TIME OF REGISTERING THE SALE DEED AND ADDITIONS MADE BY THE LD. AO, AND UPHELD BY LD. CIT(A), DESERVES TO BE DELETED. 13. PER CONTRA, THE LD. CIT/DR RELIED ON THE FINDING OF THE LOWER AUTHORITIES AND OUR REFERENCE WAS DRAWN TO THE FIND INGS OF THE LD. CIT(A) WHICH ARE CONTAINED AT PARA 4.3 WHICH READ A S UNDER:- ITA NO. 207/JP/2019 SHRI LAXMAN DAS SABDANI. VS. ITO 8 4.3 I HAVE GONE THROUGH THE ASSESSMENT ORDER, STAT EMENT OF FACTS, GROUNDS OF APPEAL, WRITTEN SUBMISSION, REMAN D REPORT AND REJOINDER CAREFULLY. IT IS SEEN THAT THE APPELL ANT HAS CONTENDED THAT RAJASTHAN KAR BOARD, AJMER VIDE ORDE R DATED 31.08.2012 HAS QUASHED THE COLLECTOR STAMPS O RDER DATED 20.08.2010. THEREFORE, THE CAPITAL GAIN COMPU TED BY ADOPTING THE SALES CONSIDERATION AT RS. 70,03,99 9/- SHOULD NOT BE SUSTAINED. I HAVE GONE THROUGH THE OR DER DATED 14.08.2012 OF RAJASTHAN KAR BOARD, AJMER. IT CAN BE SEEN THAT THE RAJASTHAN KAR BOARD, AJMER HAS SET-ASIDE VIKLR THE ORDER DATED 20.08.2010 OF THE COLLECTOR STAMP. DURING THE COURSE OF ASSESSMENT PROCEEDINGS AS WELL AS APPELLATE PROCEEDINGS (REMAN D PROCEEDINGS), THE APPELLANT WAS REQUESTED TO GIVE T HE CURRENT STATUS OF THE CASE. IN OTHER WORDS, THE DET AIL OF THE ORDER PASSED TO GIVE EFFECT TO ORDER DATED 14.0 8.2012 OF RAJASTHAN KAR BOARD, AJMER. THE APPELLANT HAS NO T FILED COPY OF ANY ORDER PASSED BY THE COMPETENT AUTHORITY TO GIVE EFFECT TO THE ORDER DATED 14.08.2012 OF RAJSTH AN KAR BOARD. I AM OF CONSIDERED VIEW THAT SINCE THE RAJSH TAN KAR BOARD HAS ONLY SET-ASIDE THE ORDER DATED 20.08.2010 OF COLLECTOR STAMP, THEREFORE, A FRESH ORDER HAS TO BE PASSED BY THE COLLECTOR STAMP TO GIVE EFFECT TO THE ORDER DATED 14.08.2012 OF RAJASTHAN KAR BOARD. THE APPELLANT HA S NOT FURNISHED COPY OF ANY SUCH ORDER PASSED BY ANY COMP ETENT AUTHORITY IN PURSUANCE OF THE ORDER DATED 14.08.201 2 OF RAJASTHAN KAR BOARD, AJMER. THEREFORE, IT IS HELD T HAT THE AO HAS RIGHTLY COMPUTED THE CAPITAL GAIN BY ADOPTING T HE SALES CONSIDERATION AT RS. 70,03,999/-. HOWEVER, IF AND W HEN, ANY ORDER IS PASSED BY THE COMPETENT STAMP DUTY AUTHORI TY IN PURSUANCE OF THE ORDER DATED 14.08.2012 OF RAJASTHA N KAR BOARD, REVISING THE VALUATION MADE BY THE SUB-REGIS TRAR AT RS. 70,03,999/-, THE AO SHALL PASS AN ORDER GIVING EFFECT TO THE REVISED VALUE DETERMINED BY SUCH STAMP DUTY AUT HORITY IN PURSUANCE OF ORDER DATED 14.08.2012 OF RAJASTHAN KAR BOARD. THIS GROUND OF APPEAL IS DECIDED ACCORDINGLY . ITA NO. 207/JP/2019 SHRI LAXMAN DAS SABDANI. VS. ITO 9 14. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. IT IS NOT IN DISPUTE THAT THE ENHANCED VALUE OF THE PROPERTY WAS CHALLENGED BEFORE THE RAJASTHAN TAX BO ARD AND THE RAJASTHAN TAX BOARD HAS SINCE PASSED AN ORDER DATED 14.08.2012 WHEREIN THE ORDER DATED 20.08.2010 OF THE COLLECTOR STAMP ENHANCING VALUE OF THE PROPERTY @ RS. 77,03,999/- HAS BEEN SE T ASIDE. THE ONLY REASON WHY THE LD. CIT(A) HAS NOT ACCEPTED THE PLEA OF THE ASSESSEE TO CONSIDER THE ORIGINAL VALUE OF THE PROPERLY AS PER THE ORIGINAL SALE DEED AMOUNTING TO RS. 23,00,000/- IS THAT A FRESH ORDER HAS TO BE PASSED BY THE COLLECTOR STAMP TO GIVE EFFECT TO THE ORDER DATED 14.08.2012 OF RAJASTHAN TAX BOARD. TO OUR MIND, ONCE THE RAJASTHA N TAX BOARD HAS GIVEN ITS VERDICT AND SET-ASIDE THE ORDER OF THE CO LLECTOR STAMPS WHEREIN THE LATTER HAS ENHANCED THE VALUE OF THE PROPERTY, THERE IS NO BASIS LEFT WITH THE TAXING AUTHORITIES NOT TO ACCEPT THE SAME. WE FURTHER FAIL TO UNDERSTAND WHY EVEN THE LD CIT(A), BEING THE APPELL ATE AUTHORITY FAILED TO APPRECIATE THE SAME AND INSISTED ON PASSING OF T HE APPEAL EFFECT ORDER. IN ANY CASE, WE FIND THAT THE ASSESSEE HAS S INCE FILED A COPY OF THE ORDER DATED 24.06.2020 PASSED BY THE STAMP DUTY AUTHORITIES WHEREIN THE STAMP DUTY ON THE ENHANCED VALUE DEPOSI TED BY THE BUYER WAS DIRECTED TO BE REFUNDED PURSUANT TO AND GIVING EFFECT TO THE ORDER OF RAJASTHAN TAX BOARD DATED 14.08.2012. IN LIGHT OF THE SAME, WHERE THE STAMP DUTY AUTHORITIES HAVE ACCEPTED THE ORIGIN AL VALUE OF THE PROPERTY AS PER THE SALE DEED, THERE IS NO BASIS LE FT WITH THE AO TO CONTINUE TO APPLY THE ENHANCED VALUE AND WE HEREBY DIRECT THE ASSESSING OFFICER TO CONSIDER THE ORIGINAL VALUE OF THE PROPERTY AS PER REGISTERED SALE DEED @ RS. 23,00,000/- FOR THE PURP OSE OF SECTION 50C ITA NO. 207/JP/2019 SHRI LAXMAN DAS SABDANI. VS. ITO 10 OF THE ACT AND COMPUTE CAPITAL GAINS ACCORDINGLY. I N THE RESULT, THE SOLE GROUND TAKEN BY THE ASSESSEE IS ALLOWED. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWE D. ORDER PRONOUNCED IN THE OPEN COURT ON 03/02/2021. SD/- SD/- LANHI XKSLKBZ FOE FLAG ;KNO ( SANDEEP GOSAIN ) (VIKRAM SINGH YADAV) U;KF;D LNL;@ JUDICIAL MEMBER YS[KK LNL;@ ACCOUNTANT MEMBER TK;IQJ@ JAIPUR FNUKAD@ DATED:- 03/02/2021. *SANTOSH VKNS'K DH IZFRFYFI VXZSFKR@ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ@ THE APPELLANT SHRI LAXMAN DAS SABDANI, JAIPUR. 2. IZR;FKHZ@ THE RESPONDENT- ITO, WARD-4, JAIPUR. 3. VK;DJ VK;QDR@ CIT 4. VK;DJ VK;QDR@ CIT(A) 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ@ DR, ITAT, JAIPUR. 6. XKMZ QKBZY@ GUARD FILE { ITA NO. 207/JP/2019} VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASST. REGISTRAR