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TMI Blog2023 (8) TMI 1282X X X X Extracts X X X X X X X X Extracts X X X X ..... OUNTANT MEMBER: This is an appeal preferred by the assessee against the order of Learned Commissioner of Income-tax (Appeals)- NFAC, Delhi [hereinafter referred to Ld. 'CIT(A)'] dated 02.05.2023 for the Assessment Year (in short 'AY') 2012-13. 2. The only issue raised by the assessee in the grounds of appeal is against the ex-parte order passed by Ld. CIT(A) wherein Ld. CIT(A) affirmed the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dingly, the income has escaped assessment. Ld. AO during the course of assessment proceedings noted that the market value of the said property has been assessed at Rs. 5,89,97,915/- by the office of A.R.A-II, Kolkata. However, the amount of consideration received by the assessee was only Rs. 50 lakh out of the sale consideration vide sale deed dated 19.12.2011. The assessee has furnished valuation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luer is less than 10% which is within the leverage provided u/s 50C of the Act. The third proviso to Section 50C of the Act provides that where the value adopted or assessed or assessable by the stamp valuation authority does not exceed one hundred and ten per cent of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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