TMI Blog2014 (9) TMI 1068X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee - ITA No. 529/M/2013 - - - Dated:- 23-9-2014 - SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER Assessee by: Ms. Heena Joshi, A.R. Revenue by: Shri Vivek Perampuna, Sr. A.R. ORDER Per Sanjay Garg, Judicial Member: The present appeal has been filed by the assessee against the order of the Commissioner of Income Tax (Appeals) [(hereinafter referred to as CIT(A)] dated 05.11.12 relevant to assessment year 2006-07. The assessee, through its grounds of appeal, has agitated the reopening of the assessment under section 147 of the Income Tax Act (hereinafter referred to as 'the Act'). 2. The brief facts of the case are that the assessment in this case had been completed on 08 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thus in appeal before us. 3. We have heard the rival contentions of the ld. representatives of both the parties and have also gone through the records. The ld. A.R. for the assessee inter alia has contended that the sale agreement in question was unregistered and the same was not assessed by the Stamp Valuation Authority and as such the provisions of section 50C, as were in existence during the relevant period i.e. during the financial year relevant to assessment year 2006-07, were not attracted to the case of the assessee. She has further invited our attention that the words assessable and explanation 2 in section 50C have been inserted vide Finance (No.2) Act, 2009 w.e.f. 01.10.09. She has stressed that the provisions of section 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l value of consideration received or accruing as a result of such transfer for computing capital gain. However, the present scope of the provisions does not include transactions which are not registered with stamp duty valuation authority, and executed through agreement to sell or power of attorney. 23.2 With a view to preventing the leakage of revenue, section 50C is amended , so as to provide that where the consideration received or accruing as a result of transfer of a capital asset, being land or building or both is less than the value adopted or assessed or assessable by an authority of state Government for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall be dee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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