Long Term Capital Gain considered Rs.1,69,72,308/- u/s 50C of the Act
taking the value ... erred in not considering properly and judiciously that:
(i) Provisions of Section 50C are not applicable at all.
(ii) Agreement to sale the concerned property
which was added by the Assessing Officer with the
aid of Section 50C of the Income-tax Act, 1961.
3. The brief facts ... property for the purpose of deeming the full sale consideration
under Section 50C be not taken equivalent to the amount on which the sale
duty
Revenue has not
considered the amendment by introduction of Proviso to Sec. 50C Finance Act,
2016 in its proper perspective; it is curative in nature ... considered while determining consideration as per
deeming fiction under Section 50C of the Act.
ITA No.64/Ahd/2018
Ramesh Govindbhai Patel vs. ITO
Asst
gains on sale of house
property by invoking jantri value under section-50C on the date of execution of
sale deed as against the date ... term capital gains on sale of house property by invoking under section-50C,
the jantri value on the date of execution of sale deed
Long Term Capital Gain considered Rs.41,78,564/- u/s 50C of the Act
taking the value ... erred in not considering properly and judiciously that:
(i) Provisions of Section 50C are not applicable at all.
(ii) Agreement to sale the concerned property
alleged suppression of Short Term Capital Gain as per
Sec. 50C of the Act.
1.2 The C.I.T. (Appeals) ought to have appreciated that ... rate
as per Sec. 50C was not the correct rate and in fact independent
inquiry ought to have been made to ascertain the correct rate
transactions
to be of business nature to escape the application of Section 50C of the
Act. It was further noted that the assessee was engaged ... malafied intention of the appellant that to avoid
provision of section 50C of the I T Act the head of income was changed
reply of the assessee is not acceptable. As per section 50C ,
Where the consideration received or accruing as a result of the transfer ... payment of stamp duty, shall be applicable. Therefore, the provisions of
section 50C is applicable and the same are invoked.
11.1 Secondly, the total land
justified in
confirming the addition by drawing the analogical provisions of section
50C of the Act. The CIT(Appeals) confirmed the addition by observing
that ... this proposition is to be accepted, then the deeming provisions of
section 50C of the Act will become inoperable. He, further, held that
made on account of long term capital gain u/s. 50C of the Act.
1.1 The Ld. CIT(A) has further erred in exercising ... capital gain should be determined as per provision of section
50C of the act on the sale of the two properties as mentioned above
