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2019 (4) TMI 961 - AT - Income TaxDeduction u/s 54F - claim of deduction on the basis of full value of consideration actually or stamp value u/s 50C - HELD THAT:- The ld. CIT(A) has correctly held that the assessee is entitled for deduction U/s 54F in respect of full value of consideration received and not the value taken by the Sub-Registrar for the purposes of stamp duty. The issue is squarely covered by the decision of the Hon’ble Delhi High court in the case of CIT Vs. Nilofar Singh [2008 (8) TMI 165 - DELHI HIGH COURT], which has been followed by the ITAT Jaipur Bench in the case of Nand Lal Sharma Vs. ITO [2015 (6) TMI 482 - ITAT JAIPUR] and also in the case of Gyan Chand Batra [2010 (8) TMI 528 - ITAT JAIPUR] Unexplained credits - HELD THAT:- A categorical finding has been recorded by the CIT(A) after considering the remand report, to the effect that the assessee has received a cheque of ₹ 55.00 lacs from M/s Megha Colonizers which was deposited in his bank account maintained with OBC bank on 16/3/2007. The confirmation of M/s Megha Colonizers was also filed before the lower authorities. Accordingly, there is no infirmity in the order of the CIT(A) in deleting the addition of ₹ 55.00 lacs. Similarly with regard to ₹ 11.00 lacs, the CIT(A) found that the assessee has received a cheque from his brother Shri Satya Narain which is duly verifiable from the bank statement of Shri Satya Narain who has issued cheque to the assessee on 24/3/2007. The assessee has also filed confirmation from his brother Shri Satya Narain. Detailed findings so recorded by the CIT(A) with regard to receipt of ₹ 11.00 lacs by the assessee from his brother through account payee cheque and confirmation have been filed by the brother has not been controverted by the DR by bringing any positive material on record. Accordingly, we do not find any infirmity or illegality in the impugned order of the CIT(A) in deleting the addition of ₹ 11.00 lacs. Since the additions have been deleted by the CIT(A) after giving proper opportunity to the A.O. and calling a remand report, there is no contravention of Rule 46A of the IT Rules. The total addition of ₹ 66.00 lacs (55,00,000/- + 11,00,000/-) so deleted by the CIT(A) are correct. Reopening of assessment - no service of notice u/s 143(2) - HELD THAT:- following the reasoning in [2019 (4) TMI 825 - ITAT JAIPUR], we do not find any merit in the assessment so framed without issue of notice u/s 143(2) of the Act. Accordingly, the assessment order so passed is liable to annulled ab-initio as the same has been passed without issue of notice U/s 143(2).
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