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2019 (5) TMI 632 - HC - Income TaxAddition u/s 69B - unexplained investment - provisions of Section 50C applied for making addition u/s 69B - applicability of Section 50C on purchaser - HELD THAT:- AO has sought to treat the difference between the market value assessed by the stamp authority and the purchase price as shown by the respondent assessee as an unexplained investment u/s 69B. This court in SARJAN REALITIES LTD. [2012 (9) TMI 1076 - GUJARAT HIGH COURT] has held that section 50C by deeming fiction substitutes the consideration received on sale of a capital asset by stamp duty valuation. Such deeming fiction however, is applicable only in the case of a seller for the purpose of section 48. It is an admitted position that the respondent assessee is the purchaser and not the seller and hence, the valuation adopted by the Stamp authority could not have been made the basis from coming to the conclusion that there is unexplained investment. As observed by the Commissioner (Appeals), no material was brought on record by the AO to prove that the assessee had in fact made investments over and above that recorded in the books in the year under consideration. - Decided against revenue.
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