TMI Blog2014 (3) TMI 494X X X X Extracts X X X X X X X X Extracts X X X X ..... ing else she would merely rely upon the AO and was not in a position to add anything else in support of the departmental ground – there is no reason to interfere in the order – Decided against Revenue. - I.T.A. No. 1174/Del/2013 - - - Dated:- 11-3-2014 - Smt Diva Singh And Shri T. S. Kapoor,JJ. For the Appellant : Ms. Meenakshi Vohra, Sr. DR For the Respondent : None ORDER Per Diva Singh, JM The present appeal has been filed by the Revenue against the order dated 28.12.2012 of CIT(A)-XXIV, New Delhi pertaining to 2009-10 assessment year wherein vide order passed u/s 154/250 dated 15.02.2013, the CIT(A) corrected in his above-mentioned order the assessment order wrongly mentioned as 2006-07 assessment year to 2009-10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the year under consideration, being Plot no.-61, Khasra No.-162, Nawada, New Delhi (167.22 sq Mtrs.) and plot no.-321, Khasra No-64/19, Nangli Vihar Extension, New Delhi (146.30 Sq. mtrs.). Both the plots of the land were sold through Power of Attorney and not through Registered Sale Deed. The AO took the value of the plots as per Circle Rate at Rs.16,100/- per sq. mtr. And calculated the resultant Long Term Capital Gain at Rs.38,25,423/-. He made the addition of this amount under the head Capital Gains by invoking the provisions of section 50C of the Act. Apart from the above, the AO also had AIR information regarding interest other than interest on securities to be charged to tax in the hands of the appellant at Rs.55,865/-, on deposit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hpur Bench of the ITAT in the case of Navneet Kumar Thakkar vs. ITO (2008) 110 ITD 525 (Jodhpur), wherein the Hon'ble ITAT has held that unless the property transferred has been registered by a Sale Deed and for that purpose value has been assessed and Stamp Duty has been paid by the parties, Section 50C cannot come into operation. If a property is transferred under a Power of Attorney transaction, and value has not been assessed for the purpose of Stamp Duty, Section 50C has no application. The ld. AR has also relied upon the case of Punjab Poly-Jute Corporation vs. ACIT (2009) 313 ITR (AT) 178, wherein it has been held that Section 50C of the Act is applicable only when there is valuation at a higher value for Stamp valuation purposes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hereby delete the addition of Rs.38,,25,423/- made to the income of the appellant. 4. In the above factual background, Ld. Sr. DR places reliance upon the assessment order. However findings available on record were not assailed by way of any evidence or document in support of the action of the AO. A perusal of the assessment order on the other hand shows that without bringing anything on record, the circle rate has been adopted @16,100/- per meter. For ready-reference we deem it appropriate to reproduce from the very brief assessment order in order to address how the issue was considered and dealt with by the AO:- 2. During the year under consideration, the assessee has declared income from house property and income from business a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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