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2017 (10) TMI 782 - AT - Income TaxAddition u/s 50C - Held that:- As perused the ingredients of Sec.55 of the Stamp (Amendment) Act, 2011 which clearly exempt the leasehold property from valuation under the stamp duty (Supra) and even otherwise the judgment passed by the Hon’ble Mumbai High Court is guiding factor for coming to the right conclusion, therefore, we do not have any hesitation to hold that the plots under disputes were exempted from Stamp duty according to section 55 of the Stamp Act (supra) because the leasehold property does not fall within the dimension of the land and building. Hence, on the aforesaid analyzation, the addition u/s 50C of the I.T. Act stands deleted. Deemed dividend addition u/s 2(22)(e) - Held that:- It is undisputed fact that for purchase of the land/plot, the earnest money to the tune of ₹ 10 Lakhs was deposited with the authority of the J & K State, however, due to non-maturity of the sale, the earnest money was refunded to the assessee and the same money was returned back to the Sat Agrotech Overseas Pvt. Ltd., hence, in our considered view, the assessee has not earned any dividend, therefore, the same cannot fall under the provisions of Sec.2(22(e) as deemed dividend. Hence, we do not have any hesitation to delete the said addition as added on account of deemed dividend. No hesitation to delete the said addition as added on account of deemed dividend.
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