TMI Blog2017 (6) TMI 588X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 50C(1) of the Act. - Decided in favour of assessee. - ITA No. 1606/PUN/2014, ITA No. 507/PUN/2016 - - - Dated:- 20-5-2017 - Ms. Sushma Chowla, JM Appellant by : Shri K. Srinivasan Respondent by : Shri A. N Honavar ORDER Per Sushma Chowla, JM Out of two appeals, ITA No. 1606/PUN/2014 is filed by assessee, Abdulla Mehboob Khan against the order of CIT(A), Aurangabad dated 20.06.2014 relating to assessment year 2010-11 passed under section 143(3) of the Income Tax Act, 1961 ( in short the Act ). Another appeal being ITA No. 507/PUN/2016 is filed by the assessee, Khan Reshma Nikhat against the order of CIT(A)-2, Aurangabad dated 11.02.2016 relating to assessment year 2010-11 passed under section 143(3) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f trade whereas the Assessing Officer has computed the income under income from short term capital gain. The Assessing Officer has invoked the provision of Section 50C of the Act and adopted the stamp valuation of sale consideration on that basis, computed gain in the hands of the assessee. 5. Briefly, in the facts of the case, the assessee declared total income of ₹ 1,46,133/-. The assessee as an individual had shown income from coaching classes, commission and agricultural income during the year under consideration. The assessee along with three other co-owners had sold immovable property i.e agricultural land at Aurangabad for total consideration of ₹ 17,00,000/-. The Stamp Valuation Authority had adopted the market value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are in agricultural land at Aurangabad. The assessee along with other three persons had purchased the land on 28.01.08 at ₹ 14,51,000/-. The expenses incurred in connection to transfer of ₹ 2,55,300/- and aggregated cost was ₹ 17,06,300/-. The total land purchased is 95R and share of the assessee is 35R. The said land was sold on 22.07.09 for ₹ 17,00,000/- and the market value as per stamp valuation authority was 68,25,000/-. It may be pointed out here in itself that market value as per stamp valuation authority on the date of purchase was ₹ 45,00,000/-. The assessee claims that it was engaged in the business of earning commission on property transactions and this particular land was purchased for subplotting a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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