GROUND NO. 1,2 AND 3,
GROUND NO. 5: PROVISIONS OF SECTION 50C ARE NOT APPLICABLE
TO DEVELOPMENT AGREEMENT:
On facts and circumstances ... return
prescribed under section 139(1) of the Act. The case was reopened under
section 147 by issuing notice under section 148 for the reasons
Duty payment and the transaction was covered
by explanation 2 to Section 50C of the I.T. Act, 1961?"
3. For the sake ... erred in law in holding that the provisions
of Section 50C of the I.T. Act, 1961 are not applicable in
the case
proceedings under Section 47A of the Indian Stamp Act. The Assessing
Officer was bound to follow the sub-section (1) of section 50C ... section (1) and sub-sections (6) and (7) of
section 23A, sub-section (5) of section 24 , section 34AA, section
35 and section
section (1) and sub-sections (6) and (7) of section
23A, sub-section (5) of section 24 , section 34AA, section 35 and
section ... section (1) and sub-sections (6) and (7) of section
23A, sub-section (5) of section 24 , section 34AA, section 35 and
section
capital gain. We have already shown business income
of Rs.25000/-. Section 50c was not applicable in our case because
sale/purchase ... section 43CA will apply. Section 43CA does
not existed in the year under consideration and therefore, the
invocation of provision of section 50C is incorrect
directed to assess the income as business income
u/s 28 and provisions of section 50C are not
applicable in computation of business income ... gain u/s 45 read with Section 48 . However,
in case the property is treated as business assets, the
provisions of Section 50C
holding that the land
was under developed, agricultural and
provisions of section 50C of the IT Act, 1961
were in-applicable while the facts ... error in invoking provision of section 50C
of the Income Tax Act by ignoring the
fact that circle rate on the transfer of 1st
Land
after-
thought, to escape from the rigours of provisions of section 50C ... trade took place on 30.09.2003 and that the provisions of
section 50C. are attracted."
2(b) "The ld.CIT(A) erred
which it is defined in sec.
2(42) and Sec.2(47) . He further stated that section 50C cannot be
8 ITA No.2519 ... beyond the explicit mandate of the
section. Clearly therefore, it is essential that for application of
Sec.50C that the transfer must
newly inserted section 43CA by which the
properties sold as stock in trade has also been covered the same way as section
50C applies ... this, he argued that the introduction
of new section clearly brings out the fact that section 50C was applicable to
capital assets only.
12. With
