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2010 (6) TMI 450 - ITAT, MUMBAISection 50C - Addition without making reference to valuation Cell - The AO adopted the sale consideration at Rs. 1,03,32,000 in place of Rs. 65 lakhs declared by the assessee and determined the LTCH at Rs. 55,86,250 - Held that: the legislative scheme of section 52(2) which is omitted with effect from 1-4-1988 from the Act and section 50C is totally different. The golden rule of interpretation of statute is to go with the plain meaning of the words used by the Legislature. - Assessing Officer has rightly invoked the provisions of section 50C with due authority of law. Nothing has been brought before us to show that the assessee claimed before the Assessing Officer that the value adopted by the Stamp Valuation authority was more than the FMV of the said property and there is no reason to make reference to the Valuation Officer. – Decided in favor of Revenue. Short term capital loss - The Assessing Officer has not accepted the explanation of the assessee and; accordingly held that it was sham transaction and to get benefit of the short-term capital loss, it was made off market transaction and not routed through the BSE - Held that: the additional evidences filed by the assessee are relevant to the issue in respect of the Short Term Capital loss of shares of M/s. Suryadeep Salt Pvt. Ltd. The assessee could not produce the same before the lower authorities. In the interest of justice matter remitted back.
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