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2017 (10) TMI 1536 - ITAT DELHIUnexplained investment u/s 69C - whether the lands were sold at the lower price then the value stated in sale deed for the purpose of stamp duty? - AO made an assessment holding that the market value of the land is higher and stamp duty has been paid on the higher value which proves that the rate of land on the relevant period are higher - CIT(A) deleted the above addition - HELD THAT:- According to CIT-A nothing adverse was noticed from the reply of the parties from whom the enquiries were conducted by the AO and in fact they confirmed that the transaction of the sale of the properties is at the purchase price shown by the appellant. Provision of section 50C for that relevant year applied in the hands of the seller and not the buyer. In the present case the assessee is a buyer. Hence, he stated that income cannot be added in the hands of the assessee by invoking provision of section 50C of the Act. He further examined that provision of section 56(1)(vii)(b) of the Act is not applicable as it applies w.e.f. 01.04.2014. DR also could not point out any infirmity in the order of the ld CIT(A). we are also of the considered view that there is no provision of difference between stamp duty value as well as the transacted value can be added in the hands of the buyer. In the result we confirm the finding of the ld CIT(A) and dismiss the appeal of the Revenue.
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