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TMI Blog2018 (6) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... nd No. 1 : Whether on the facts and in the circumstances of the case, the learned Commissioner of Income-tax (Appeals) has erred in deleting the addition made by the Assessing Officer on account of chargeability of capital gain on an asset namely Jagir (immovable property being land) acquired through inheritance and treated as a capital assets as per the provisions of section 2(4) of the Income-tax Act. Ground No. 2 : Whether on the facts and in the circumstances of the case, the learned Commissioner of Income-tax (Appeals) has erred in deleting the addition made by the Assessing Officer on account of chargeability of capital gain on an asset namely Jagir (immovable property being land) and applying the provision of section 50C thereof a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dvocate at the outset raised a preliminary objection that ground Nos. 1, 2, 3 and 4 raised by the Revenue are not at all discussed by the learned Commissioner of Income- tax (Appeals) and therefore the grounds are normally taken and the appeal of the Revenue should be rejected on this premise only. 4. The learned Departmental representative on the other hand argued that section 50C is part of the capital gains and therefore grounds have rightly been taken. 5. We have heard the rival contentions and perused the facts of the case. In sum and substance the matter under section 50C is the part of the head "Income from capital gains" and therefore the preliminary objection raised by the assessee is rejected. 6. As regards the grounds taken by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he property is in dispute and is sub judice before the court. The property has to be considered as occupied by tenants which was sold at a compromised price. The grievance of the assessee was enhanced valuation of the property done by the stamp valuation authority and the matter was taken to the KAR Board and where it is still pending. The Assessing Officer was requested to refer the matter to the DVO who denied the request since the assessment was getting time barred. 9. Section 50C of the Act in simple terms says that the value taken for stamp duty by the State registration authority shall be considered deemed sale consideration. There is solace for the assessee under section 50C(2) of the Act which provides that if the assessee objects ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a serious grievance on this count. Further one has to understand that denying such an opportunity to the assessee can result in an otherwise meritorious case being thrown out at the very threshold, thereby resulting in cause of justice being defeated. As against this, if such an opportunity is allowed to the assessee, the highest that can happen is that a cause would be decided on the merits." 11. The courts have held that, unless the law expressly or by necessary implication excludes the application of the rules of natural justice, the said requirement has to be read in enactments that are silent. It is well settled that the principles of natural justice shall be presumed to be necessary unless there exists a statutory interdict. The prin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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