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TMI Blog2011 (5) TMI 817X X X X Extracts X X X X X X X X Extracts X X X X ..... s in the same GIDC estate to compare with price disclosed in the document, no material to show that assessee had received inadequate consideration, Tax Appeal is dismissed - Tax Appeal No. 1870 of 2010 - - - Dated:- 4-5-2011 - Akil Kureshi, Sonia Gokani, JJ. M.R. Bhatt Sr. Adv., with Mauna M. Bhatt for the Appellant JUDGEMENT Akil Kuresh: Revenue is in appeal against the judgment of the Tribunal dated 16th March, 2010 raising following question for our consideration. "Whether the Appellate Tribunal is right in law and on facts in deleting the addition of Rs.31,01,440/- made u/s.69B of the act?" Briefly stated facts are as follows: 2.1 During the assessment year under consideration, the assessee purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal by the impugned judgment upheld the order of the CIT (A) and dismissed the appeal. Having heard the learned counsel for the Revenue and having perused the documents on record, we do not find any infirmity in the view of the CIT (A) as well as the Tribunal. Section 50-C of the Act makes special provision for full valuation of consideration in certain cases of sale of immovable properties. Sub-section (1) thereof provides that: "Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur mind, the Assessing Officer committed an error in adopting the valuation of the property for the purpose of calculation of stamp duty to come to the conclusion that the assessee had made undisclosed investment. The deeming fiction of Section 50-C could not be applied for ascertaining the undisclosed investment of assessee under Section 69-B of the Act. Even otherwise, assessee had produced on record other material such as sale deeds in the same GIDC estate to compare with price disclosed in the document. Revenue had not collected any independent evidence to establish that assessee had in fact paid higher price. We may also record that the Tribunal relied on the decision of the Madras High Court in the case of Commissioner of Gift-Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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