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2021 (9) TMI 184 - AT - Income TaxComputation of long term capital gains u/s 50C - Fair Market value of the property fixed by the SRO for the purpose of Stamp Duty - assessee had sold / executed sale /transfer deed wherein the subject matter of her right is in favour of vendee as against any land or building component for issuing part therein - HELD THAT:- As decided in RAJITHA DUBBAKA [2021 (6) TMI 1058 - ITAT HYDERABAD] such a transfer of the vendor’s limited right in respect of land and building than the twin categories of assets, as the case may be, does not come within the purview of application of section.50C - we direct the AO to delete the addition by invoking the provisions of section 50C. - Decided in favour of assessee. Penalty u/s 271(1)(b) - Assessee not complying with notice issued u.s 142(1) - HELD THAT:- As penalty has been imposed by the AO u/s 271(1)(b) for not complying with the notices issued dated 19/01/2015 by the AO u/s 142(1) of the Act. We find from the order of the AO that assessment was completed u/s 143(3) of the Act on 30/03/2015 and in the assessment order, the AO has not recorded any satisfaction for imposing penalty u/s 271(1)(b) - similar issue has been decided in the case of Globus Infocom Ltd[2016 (6) TMI 1304 - ITAT DELHI] wherein held that if the assessment order has been passed u/s 143(3) of the Act, penalty cannot be imposed u/s 271(1)(b) - Decided in favour of assessee.
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