Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (5) TMI 439 - AT - Income TaxAddition u/s 69 - difference between the value of the property purchased as per the Stamp Duty Authorities and the sale consideration - AO made difference of Rs. 19.68 lacs as unaccounted consideration and invoked the provisions of section 50C - Held that:- The provisions used the expressions 'transfer by an assessee' which imply unambiguously that the section 50C applies to the seller i.e. transferor of the capital asset being land or building or both. Therefore, the transferee or the purchaser is outside the scope of these provisions. Thus, the AO erroneously invoked these provisions mistakenly to this assessee, who is undisputedly a transferee. 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.
|