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2015 (12) TMI 389 - AT - Income TaxAdditions u/s 69B - unexplained investment - CIT(A) deleted the addition invoking the provisions of Section 50-C - Held that:- In this case, the property was allotted by Ansal Housing and Construction Ltd. at its market value based on the rate of return from rentals and it was business asset for them. Therefore, the provisions of Section 50C will not be applicable in the case of purchaser of the property. The space was already rented, therefore, the fair market value of the property is decided by its rentals and the same was transferred to the assessee in the assessment year 2008-09. In this particular assessment year i.e. the assessment year 2009-10, the execution of sale deed was executed. It is very pertinent to mention that the provisions of Section 50C applies in case of calculation of sale consideration for the purpose of capital gain in the hands of seller of any capital asset. This aspect has been rightly taken into consideration by the Ld. CIT(A). Therefore, the action of Assessing Officer in making addition u/s 69B of the Income Tax Act, 1941 towards unexplained investment was not correct and Ld. CIT(A) has rightly directed the Assessing Officer to delete addition - Decided in favour of assessee.
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