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1 - 5 of 5 (0.20 seconds)Section 69 in The Income Tax Act, 1961 [Entire Act]
Gvk Inds. Ltd & Anr vs The Income Tax Officer & Anr on 1 March, 2011
5. The Ld. Sr. DR relied upon the assessment order and the Authorized
representative of the assessee apart from relying upon the impugned order,
invited attention to the copy of the registered sale deed dated 19.09.2008 placed
at page 1-9 of the Paper Book and copy of the registered deed of rectification
dated 23.12.2011, copy placed at pages 10-12 of the paper Book. Referring to the
same it was his submission that on account of the typographical error by the
deed writer the mistake had occurred and since the assessment order was passed
on 19.12.2011 the rectification of the registered deed also duly registered on
23.12.2011 could not be placed before the AO. Even otherwise it was argued that
section 50C is not applicable in the case of a purchaser in the year under
consideration as has been held in Inderlok Hotels (P.) Ltd. vs ITO 122 TTJ (Mum.)
Commissioner Of Income Tax I vs M/S.Thiruvengadam Investments Pvt on 1 December, 2009
145 and CIT vs Thiruvengadan Investments (P.) Ltd. 320 ITR 345 (mad.) on the
basis of which it was submitted that section 50C is applicable only for the
purpose of determining the sale consideration for computation of capital gains
and it cannot be applied for determining the income under other heads. In the
facts of the present case it was also submitted that the specific property is a
disputed property. Referring to section 56(2)(vii)(b) it was submitted that it has
been inserted w.e.f 01.10.2009 for a property received on or before after
01.10.2009 and in the facts of the present case the property has been purchased
on 19.09.2008.
The Income Tax Act, 1961
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