sale
2 I.T.A No. 2235/Del/2016
value under section 50C of the Act at a figure ... working considering the
full value of consideration as per Section 50C while determining exemption.
The assessee filed appeal before the CIT(A), Ghaziabad
much as in fact in upholding the applicability of
provisions of section 50C of the Act. Section 50C, according ... developing the property for the purpose of earning
income and Section 50C(1) is not applicable to the gains from
business.
3. Without prejudice
facts in adopting deemed sale value of Karol
Bagh property U/s. 50C at Rs. 1,84,45,416/- as per circle rate applicable ... against correctly claimed at Rs. 1,10,00,000/- U/s. 50C as
per the circle rates applicable as on 05.08.2011 (which is also
industrial area and adopting that rate , applied the provisions of section
50C of the act. Therefore for plot number 76 the learned AO adopting ... square meter. Accordingly he invoked the provisions of section 50C and
calculated the short-term capital gain in respect of the above properties and
made
consideration of Rs.1,51,20,000/-by invoking provisions
of section 50C of the Income Tax Act, 1961 (hereinafter ... Assessing Officer was of the firm belief that the provisions of
section 50C of the Act are clearly attracted.
5. The assessee was asked
assessee that the
matter should be referred to the DVO u/s. 50C(2) of the Act. The AO
referred to the provisions ... 50C(1) of the Act and held that the
value adopted for stamp duty purposes shall be deemed to be the full
value
Gain made by
the AO by invoking provisions of section u/s 50C of the Act.
3. In the facts and in the circumstances ... upholding the order passed by the
AO that provisions of section 50C are applicable to the right
transferred in lease hold property
confirming addition under Section 50C of the
Income Tax Act and of Rs.4,73,607/- disallow on account of
Cost/Cost Index ... assessee was required to explain as to why the provision
of Section 50C should not be invoked. In response, the
assessee submitted that
assessment
and in not confirming the LTCG as compared u/s 50C of the IT
Act."
3. During the course of scrutiny assessment proceedings ... assessment
proceedings itself, furnished a revised calculation considering the
provisions of section 50C of the Act. The Assessing Officer noticed that
the assessee has adjusted
objected by the assessee for substitution of the same figure
under s. 50C(2) of the Act, the AO referred the matter ... before him. Further, according to him, as per the provisions of
s. 50C , the AO is bound to take the valuation as per the
stamp
