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2012 (9) TMI 539 - ITAT, BANGALORECapital Gain – Assessee enter into Joint Development Agreement with developer in respect of land – Assessee get 45% of the built up area in lieu of transfer of 55% of the undivided portion of the vacant land in favour of the developers for construction – AO treat it as transfer of 55% of the land in favour of the developer was a deemed transfer in year in which agreement enter into & deposit also – AO made addition on basis of value determined by sub- registrar as deemed consideration u/s 50C – Held that:- As the information obtained by AO u/s 133(b) from sub registrar regarding deemed consideration, could not use against the assessee before the same was put to the assessee. Violating of the principles of natural justice. Therefore issue remand back to AO. Non-refundable deposit in respect of enter into agreement for transfer of land - The assessee received a non-refundable deposit - Held that:- AO determine deemed consideration in respect of transfer of land as per sec. 50C. Therefore non-refundable deposit is not justifiable as the AO has estimated the amount of consideration chargeable to tax u/s. 50C. Decides in favour of assessee
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