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2022 (5) TMI 169 - ITAT AHMEDABADValidity of the assessment proceedings initiated u/s 147 - addition under the provisions of section 56(2)(vii)(a) of the Act on account of the money received by the assessee without consideration - HELD THAT:- As per the Revenue the amount of sale consideration received by the assessee stands at ₹3,05,010,00.00 whereas the assessee has disclosed of sum of ₹1.50 crores in the books of accounts against the sale of the property. Thus, it is apparent that the amount which has not been disclosed by the assessee represents the sale consideration of the property which can be subject to tax under the provisions of section 48 of the Act. Furthermore, the assessee has shown the sale consideration of ₹1.50 crores under the head capital gain and the amount in dispute directly relates to the same property and therefore the same can only be brought to tax under the head capital gain. In other words, the same cannot be made subject to the tax under the provisions of section 56 - In our humble understanding, the principles laid down by the ITAT in the own case of the assessee (Supra) are directly applicable to the issue on hand. Hence, we are of the view that the initiation of the proceedings under section 147 of the Act are bad in law. Hence, the ground of appeal of the assessee is allowed.
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