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2018 (11) TMI 540 - AT - Income TaxDetermination of Long term capital gains - addition by invoking Section 50C in proceedings u/s. 143(3) - Valuation - restriction on use of property - Application of section 50C to the trust already assessed under a special provision u/s.11 - Held that:- The Revenue fails to dispute that the assessee Trust is bound by such an approval order passed by the statutory authority. We further find in Om Shri Jigar Association Vs. Union of India [1994 (5) TMI 24 - GUJARAT HIGH COURT] as followed in Virendra vs. Appropriate authority & Ors.[2008 (9) TMI 515 - BOMBAY HIGH COURT] holds that there is no inference of understatement of consideration in such a case involving an approval accorded by the Charity Commissioner under the Bombay Trusts Act. Mr. Kabra seeks to distinguish the same by pleading that the said case law pertains to the proceedings u/s.269UD instead of Section 50C of the Act. We observe that this distinction fails to rebut the fact that the above hon’ble high courts have considered the relevant provisions enshrined in Bombay Trust Law vis-à-vis understatement of sale considerations of the relevant capital assets therein. We conclude in this factual backdrop that whatever sale price Charity Commissioner had approved had to be followed in assessee’s impugned sale deed. Couple with this, the lower appellate authority has already observed that there are various restrictions on usage of the capital asset. All this findings have gone un-controverted from Revenue side.- decided against revenue
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