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2020 (12) TMI 630 - AT - Income TaxRevision u/s 263 - CIT Meerut setting aside the issue relating to Sundry Creditors and Capital Gains issuing directions to the Id. A.O. to once again look into this issue - HELD THAT:- As perused all the documentary evidences filed by the assessee in the shape of paper book and we find that the confirmations received from aforesaid 16 sundry creditors obtained by the assessee and submitted to the AO. This fact was discovered in joint inspection of assessment record of the assessee and ld. CIT(DR). Since these confirmations of sundry creditors were not noticed by Ld. CIT during proceedings u/s 263 hence, we are of the view that Ld. CIT has not applied his mind and passed the impugned order in a routine manner. The issue regarding sundry creditors, in our view, Ld. CIT has wrongly applied the provisions of section 263 which is liable to be cancelled and hence, we cancel the same. Applicability of section 50C - Assessee has filed the detailed submissions before the AO as well as Ld. CIT and the AO has examined the same with the support of documentary evidences filed by the assessee on the applicability of section 50C of the Act and has not made any additions because Section 50C is not applicable in the case of the assessee and no material on record is available establishing that the assessee has received money over and above the total consideration. R. Samantha Ravindran [2013 (3) TMI 271 - MADRAS HIGH COURT] wherein, it has been held that the value of property transferred prior to 01.10.2009 cannot be computed under amended provisions, which came into effect on 01.10.2009 (the word “or assessable” was inserted w.e.f. 01.10.2009). Keeping in view of the facts and circumstances as explained above we are of the considered view that section 50C is not applicable in the case of the assessee. But the Ld. CIT has wrongly applied the same by ignoring the well reasoned order passed by the AO in the case of the assessee. Therefore, the second issue relating to applicability of Section 50C in the case of assessee is also decided in favour of the assessee and the order of the Ld. CIT on this issue is also cancelled. - Decided in favour of assessee.
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