9911796707
TMI Blog2024 (3) TMI 1157X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Act, 1961 (hereinafter referred to as 'the Act') vide order dated 26.02.2016. The assessee has raised the following grounds of appeal: "1. The Learned C.I.T.(Appeals) has erred in law and on facts of the case in sustaining addition of long term capital gain u/s 50C of Rs. 55,64,300/-. 2. The appellant craves leave to add, amend or alter the grounds of appeal at the time of hearing, if need arise." 2. Brief facts of the case are that assessee is an individual, filed her return of income for assessment year on 14.03.2014 declaring income of Rs. 2,07,410/-. The case was selected for scrutiny. During the assessment, the Assessing Officer noted that assessee has sold immovable property / land situated at Survey No. 91/2, Block No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... res. The sale deed was registered on 26.04.2012 on actual sale consideration on same amount, i.e., Rs. 1.94 crores. The assessee further submitted that ready Reckoner Jantry rate at the time of sale deed is not applicable on the transaction as assessee has sold the property on 01.08.2011. The assessee in her without prejudiced submitted prayer to make reference to District Valuation Officer for deciding actual fair market value of property / asset. The reply of assessee was not accepted by Assessing Officer by taking view that provision of Section 50C is deeming provision for the purpose of computing capital gains. The transaction of particular land should be matched with the jantry price fixed for the area and the sale consideration would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice has not referred the same and arbitrarily made addition in the assessment order. To support such submission, assessee relied on eight case laws of various orders of Co-ordinate Benches of Tribunal, Hon'ble High Court and Hon'ble Apex Court. The assessee again her submission, furnished on ITBA portal on 26.09.2023 besides repeating her earlier submission, submitted that First and Second proviso of Section 50C is applicable on the transaction of assessee, which is specified that where the date of agreement fixing the amount of consideration and the date of registration for transfer of capital assets are not same, the value adopted or asset by the Stamp Valuation Authority on the date of agreement may be taken for the purpose if the value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .06.2011 and 23.06.2011 respectively. On the clearance of such cheques, the assessee executed agreement to sale on 01.08.2011 and sale consideration as per agreement to sale is at Rs. 1.94 crores. The value of asset as per prevailing jantry rate was only Rs. 64,82,526/-. The Assessee sold her asset on much more value than the prevailing jantry rate. The sale deed of the land / asset was registered on 26.04.2012, at the same sale consideration as agreed in agreement to sale. The Ld. AR for the assessee submits that Assessing Officer made addition of Rs. 55,64,300/- by disregarding the submission of assessee. First and Second proviso of Section 50C of the Act is clearly applicable on the facts of present case. The assessee also made request f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of Ld. AR for the assessee is relied that NFAC/Ld.CIT(A) relied and referred all the decisions which are in favour of assessee, then, it is a fit case to move application for rectification under section 154 of the Act, instead of filing appeal before this Tribunal. The Ld. Sr-DR for the Revenue submits that assessee has not filed any evidence to substantiate the fact that assessee received any payment by way of cheque amount. 7. In short rejoinder, Ld.AR for the assessee that though he has already sent copy of pass-book and he will again send the copy of such passbook of assessee, and from the entry therein it is clearly discernible that assessee has received part sale consideration in the month of June, 2011. 8. We have considered t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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