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2016 (7) TMI 1509 - ITAT DELHIProperty sold below market price held in stock in trade - section 50C applicability - Difference between the Circle Rate and Contract Value of the flat - assessee had sold the ground floor property after six months of the sale of the first floor property in the same building at a price which was 25% less than the price at which the first floor property was sold six months before - Taking clue from the valuation adopted by stamp valuation authorities AO made addition after rejecting the books of a/c u/s 145 - HELD THAT:- In the relevant assessment year the provisions of section 50C were not applicable in case a property was held as stock-in-trade, because section 43CA has been inserted by the Finance Act, 2013, w.e.f. 1.4.2014. The AO has not pointed out any defect in the books of account and has merely rejected the books of account on the basis of lower sale consideration being received for the ground floor property as compared to first floor property. This is not permissible in law, because there has to be some concrete evidence to come to the conclusion that assessee has not declared his full sale consideration. Reliance placed by ld. counsel for the assessee on the decision of Hon’ble Supreme Court in the case of A. Raman & Co. [1967 (7) TMI 2 - SUPREME COURT] clearly support the assessee’s contention. - decided in favour of assessee.
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