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
M/S Soumya Homes Pvt.Ltd, Bhopal vs The Dcit-Central-Ii, Bhopal on 24
holding that the
'Guidance Value' as per Section 50C of the Act, as determined by the State
Government, could be adopted ... Appellate Tribunal
was justified in adopting the fair market value under
Section 50C of the Income Tax Act, without
2 of 25
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than the Stamp duty valuation in contravention of the provision of Sec. 50C of the I.T.
Act?
2. Whether on the facts and circumstances ... Lacs
2. Capital gains u/s. 50C of the Act Rs.342.23 Lacs
B. Transfer Pricing Grounds
3. TP adjustment on Share Application Money
made by
the Ld. Assessing Officer by invoking the provisions of
Section 50C ."
21. Bri ef facts rel ati ng to the i ssue ... therefore, as per the provi si ons secti on 50C of the Act
shoul d have refe rred the matter f or val uati
such contention, the ld. AR
relied on first two provisos to section 50C of the Income-tax Act,
1961 (hereinafter also called ... cost of acquisition' and 'indexed cost of improvement'.
Section 50C is a special provision for full value of consideration
Appeals) was not holding that the provisions of S. 50C are applicable to the sale
transaction s the composite transaction of land and building ... Appeals) erred in confirming the applicability of the provisions of S. 50C of the
Income-tax Act 1961, inspite of the fact that the difference
common
issue of computation of capital gain by applying provision of section
50C(1) of the Income Tax Act, 1961 (for short ... property sold as the deemed sale consideration as per
section 50C(1) of the Act. Though, the assessee vide letters dated 7th
March
made by the AO after invoking the provisions of section
50C of the Act.
2 ITA No.358/JP/2017
Shri Om Prakash Gupta ... computation of income for the
purpose of Section 50C of the Act. The AO found that stamp duty value
adopted by the Registrar was amounting
held as under:-
"16. From the reading of Sec. 50C , it is evident that Sec. 50C is a
deeming provision and it extends ... only to land or building or
both. Section 50C can come into play only in a situation where the
consideration received or accruing
