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TMI Blog2013 (10) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal {hereinafter to be referred to as, "the Tribunal"} dated 26th July 2012, raising following question for our consideration : "(i) Whether in the circumstances and the facts of the case and in law, the Appellate Tribunal is right in deleting the addition of Rs. 5900262/= made by the Assessing Officer on account of suppression of sale consideration of plots of land ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... matter to the file of the Assessing Officer for further inquiry instead of Dismissing the appeal of the revenue ?". Briefly stated, facts are that the respondent-assessee sold immovable property in the nature of plot of land admeasuring 3,458.53 sq.mtrs. during the period relevant to Assessment Year 2008-09 for a total sale consideration of Rs. 49,06,492/=. He had sold such land at Rs. 1,419/= p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... however, discarded such a contention on the premise that the juntry rate can still be a reference point for ascertaining the undisclosed sale consideration. In Appeal before the CIT [A], the CIT [A] revered the decision of the Assessing Officer and held that Section 50C of the Act would have no applicability when question of capital gain did not arise. Reliance was placed on the decision of the D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inclined to upheld the order of learned CIT [A]." Having heard learned counsel for the Revenue and having perused the documents on record, we have no hesitation in upholding the decision of the Tribunal. Section 50C provides inter alia that where the consideration received or accruing as a result of the transfer by an assessee of a capital asset is less than the value adopted or assessed by any a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urely, the case of the Revenue would have been justified. We have perused the order of the Assessing Officer in detail. Except for making reference to the juntry rates and pointing out that the juntry rate is 2.2 times higher than the sale consideration disclosed by the assessee, the Assessing Officer has brought no evidence on the record to establish that the sale deed did not reflect the full sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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