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2012 (12) TMI 337 - ITAT AHMEDABADUndisclosed investment Assessee had purchased agricultural land AO argued that the purchase price was quite low as compared to the prevailing market rate of the land AO made addition considering jantri price and auction price of SUDA Held that:- Following the decision in case of Virjibhai Kalyanbhai Kukadia (2012 (10) TMI 791 - ITAT AHMEDABAD) and Naresh Khattar (HUF) (2003 (1) TMI 77 - DELHI HIGH COURT) held that merely on the basis of fair market value no addition can be made u/s. 69B. Section 50C creates a legal fiction for taxing capital gains in the hands of the seller and it cannot be extended for taxing the difference between apparent consideration and valuation done by Stamp Valuation Authorities as undisclosed investment u/s. 69. AO has failed to bring on record any material to support the rates estimated by him. In favour of assessee
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