TMI Blog2013 (5) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... ree. Thus considering the settled nature of the issue the provisions of section 50C are no application to the assessee-purchaser of the property. The assessee is entitled to relief on this count itself. Accordingly, the issue raised by the assessee is allowed. 6. In the result, the appeal filed by the assessee is allowed. - I.T.A. NO. 6164/M/2011 - - - Dated:- 5-4-2013 - Shri D. Karunakara Rao And Shri Vivek Varma,JJ. For the Appellant : Shri P. K. Parida For the Respondent : Shri O. P. Meena, Sr. AR ORDER Per D. Karunakara Rao, AM:- This appeal filed by the assessee on 6.9.2011 is against the order of CIT (A)- 8, Mumbai dated 03.06.2011 for the assessment year 2008-2009. 2. In this appeal, assessee raised the fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the grounds raised above revolves around the addition of Rs 19.68 lakhs u/s 69 of the Act. CIT (A) sustained the said addition of Rs. 19.68 lacs, being the difference between the amount of Rs. 69.68 lacs ie the value of the property purchased as per the Stamp Duty Authorities and the sale consideration of Rs. 50 lacs. Before us, Ld Counsel for the assessee brought to our attention to the facts of the case and mentioned that the assessee purchased property for Rs. 50 lacs as mentioned in the sale deed, whose market value as per the Sub-Registrar, Borivali, Mumbai is Rs. 69.68 lacs. AO made difference of Rs. 19.68 lacs as unaccounted consideration and invoked the provisions of section 50C of the Act. In this regard, without going to the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vant provisions read as under: "Section 50C. (1) Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed [or assessable] by any authority of a State Government (hereafter in this section referred to as the "stamp valuation authority") for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed [or assessable] shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer......" 5.1. The above provisions used the expressions 'transfer by an assessee' which imply unambiguously that the section 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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