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2012 (11) TMI 590 - HC - Income TaxUndervaluation - Difference between the circle rate and the purchase price of immoveable properties - ITAT deleted the addition - Held that:- The express provision of Section 50-C enabling the revenue to treat the value declared by an assessee for payment of stamp duty, cannot be a legitimate ground for concluding that there was undervaluation, in the acquisition of immovable property. The finding cannot start and conclude with the fact that such stamp duty value or basis is higher than the consideration mentioned in the deed. The compulsion for such higher value, is the mandate of the Stamp Act, and provisions which levy stamp duty at pre-determined or notified dates. In the present case, the revenue did not rely on any objective fact or circumstances, consequently, the Court holds that there is no infirmity in the approach of the lower authorities and the Tribunal, granting relief to the assessee - in favour of the assessee. Addition u/s 68 - CIT(A) deleted the addition - Held that:- The record reveal that the PAN number and material particulars of the Director (of the assessee) and his proprietorship concern, was made available, even the Income Tax Returns concerned, were filed. The CIT (A) scrutinized this aspect in detail, and held that the assessee had discharged its onus of proving that the funds were received, and revealed particulars of the source. This court finds no unreasonableness in regard to such findings, as to call for interference under Section 260-A of the Act - in favour of the assessee.
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