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2012 (4) TMI 216 - AT - Income TaxAddition made on account of Unexplained investment in the property - Appeal by revenue that CIT(A) has erred in deleting the addition made by the AO by attracting the provisions of Section 50C of the Income-tax Act,1961, without giving any opportunity of being heard to the AO - assessee filed return claiming long term loss, on sale of property to be carried forward- AO stated that in respect of the Sale Deed there exists a difference of value adopted for the purpose of Stamp Duty adopted by the Sub Registrar and assessee - CIT(A) held that in the absence of any admissible evidence, valuation done by stamp duty authorities could not be taken as actual sale consideration and the value shown in the sale deed has to be accepted as held in the case of CIT v. Chandni Bhuchar 2010 (1) TMI 502 - Punjab and Haryana High Court – Held that:- the CIT(A) misapplied the ratio of the decision of the jurisdictional High Court, in the case of CIT v. Chandni Bhuchar, as the same has been rendered, in the context of a Purchaser, whereas the present appellant is a 'Seller', which squarely falls u/s 50C of the Act - the findings of the ld. CIT(A) are not legally and factually tenable - the deeming fiction created u/s 50C of the Act, for the purpose of Section 48 of the Act, regarding full value of consideration received or accrued to the seller, cannot be extended to the provisions of Section 69 of the Act, in the case of a purchaser - the issue is restored to the file of the AO, to frame the assessment afresh, after obtaining the valuation report - the provision of Section 50C(2) of the Act, stipulates necessary conditions, for the purpose of making a reference to the Valuation Officer, by the AO - appeal of the revenue allowed.
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