TMI Blog2016 (11) TMI 1119X X X X Extracts X X X X X X X X Extracts X X X X ..... - agricultural income - Held that:- CIT(A) while considering the said issue has granted sufficient time to the assessee to substantiate his arguments by supporting documentary evidence/proof but even inspite of availing opportunities the assessee could not furnish any vital evidences to establish the genuineness of the agricultural income. Therefore in absence of such evidences it cannot be held that the impugned income was an agricultural income. We have carefully gone through the orders passed by CIT(A) and found that the assessee has not produced any document in support of his arguments and no new circumstance has been brought on record before us in order to controvert or rebut the findings recorded by the learned CIT (A). Moreover, there are no reasons for us to deviate from the findings recorded by the learned CIT (A). Therefore, we are of the considered view that the findings recoded by the learned CIT (A) are judicious and are well reasoned. - I.T.A. No. 1272/Mum/2012 - - - Dated:- 21-9-2016 - SHRI JASON P. BOAZ, AM AND SHRI SANDEEP GOSAIN, JM For The Appellant : None For The Respondent : Shri Mohammed Rizwan ORDER Per Sandeep Gosain, Judicial Member: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e from business as well as capital gains. The return of income was filed on 06.03.2008 declaring total income of ₹ 6,31,560/-. The same was processed u/s 143(1) of the Act and later on the case was selected for scrutiny through CASS. After serving statutory notices and seeking reply from the assessee, order of assessment was passed by AO thereby making additions on account of long term capital gain, on account of sale of gold and sales of shop. However the additions u/s 68 were also made. 3. Aggrieved by the order of the AO, assessee filed the appeal before CIT(A) and the CIT(A) after considering the case of the assessee dismissed the appeal of the assessee vide order dated 27-12-2011. 4. Aggrieved by the order of CIT(A), the assessee filed the present appeal before us on the grounds mentioned herein above. 5. At the very outset, it is noticed that even in spite of several notices, none has appeared on behalf of assessee and on the perusal of order sheet we have noticed that nobody was appearing on behalf of assessee. Although the notices were also served upon the assessee for appearing before us, but even then the respondent has not preferred to appear and even no a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... immovable property. Further .the heading of introduction of this clause in the Finance Bill 2002 was titled as computation of capital gains in real estate transactions . Thus, the purpose' of section 50C was to cover all types of transactions pertaining to immovable property with a view to substitute real market value fetched by a person. The Hon'ble High Court of Madras in the case of V.R. Palani Swamy vs. Union of India (180 Taxman 2.e3) had held that section 48 provides for mode of computation of capital gains and section 50C has been introduced from 1.4.2003 by Finance Act. 2002. The conspectus of the provision is that it is a special provision for full value of consideration in certain cases. It applies to all cases of transfer of capital assets. The Hon'ble High Court of Madras further held in the same case that it is obvious from the reading of the provision of section 50C, rather it is not disputed that the same is inserted to prevent large scale under valuation of the real value of the in the sale deed so as to defraud revenue and the Govt. legitimately entitled tom by pumping in black money. The impugned provision has been incorporated to check such eva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.1 After hearing ld. DR and after perusal of the orders passed by revenue authorities, we are of the considered view that the ld. CIT(A) has rightly come to the conclusion that section 50C of the Act states that value assessed by stamp duty Valuation Authority shall for the purpose of section 48 be deemed to be full value of consideration received or accruing as a result of such transfer. Thus by deeming provisions, sale consideration shall be deemed to be as value assessed by stamp duty valuation authority. Ld. CIT(A) has also appreciated that the validity of this section 50C has already been upheld by Hon ble High Courts including that of Hon ble High Court of Madras and Hon ble High Court of Bombay. Ld. CIT(A) has duly considered the submissions of assessee that section 50C is not applicable in the case of assessee and that the sale consideration shown in sale agreement should be accepted as true and fair consideration of the property. We have further noticed that Hon ble High Court in the case of Bhatia Nagar Premises Cooperative Housing Society has already held that Sec-50C was introduced with a view to prevent evasion of tax and under valuation of the transactions a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , there are no reasons for us to deviate from the findings recorded by the learned CIT (A). Therefore, we are of the considered view that the findings recoded by the learned CIT (A) are judicious and well reasoned. Accordingly, we uphold the same and dismiss this ground of appeal. Ground No.5 7. The CIT(A) has dealt with this issue in its order and the operative para is reproduced below for the sake of reference: Ground No. 2: Addition on account of non genuine agricultural income of ₹ 2,30,000/-. During the course of assessment proceeding the AO found that the assessee had shown agricultural income of ₹ 2,30,000/ - in spite of the fact that the assessee was not in possession of any agricultural land. On being asked, the assessee submitted that the agricultural land was owned by his father who died in the year 2004 and the said land was inherited to him. He also submitted that agricultural income was regularly shown in earlier years which was accepted by the then A.O. in assessment u/ s 143(3) of the IT. Act 1961. However, he did not furnish any evidence as to holding of agricultural land etc. Accordingly the AO held that assessee had no genuine agricul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ced any document in support of his arguments and no new circumstance has been brought on record before us in order to controvert or rebut the findings recorded by the learned CIT (A). Moreover, there are no reasons for us to deviate from the findings recorded by the learned CIT (A). Therefore, we are of the considered view that the findings recoded by the learned CIT (A) are judicious and are well reasoned. Accordingly, we uphold the same. Resultantly, this ground raised by the Revenue stands dismissed. Ground No.6 10. Ground No.6 is general in nature and hence, requires no specific adjudication. Ground No.7 11. Ld CIT(A) has dealt with this issue and has given categorically finding that mere initiation of penalty u/s 271(1)(c) is not an appealable action. Even otherwise once the appeal has already been dismissed by CIT(A) therefore the assessee was justified in initiating the penalty proceeding u/s 271(1)(c) and even in view of our finding on issue no.1,2 4 the present ground raised by assessee is not maintainable. Ground No.8 12. Ground No.8 is general in nature and hence, requires no specific adjudication. 13. In the result, the assessee s appeal is dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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