2014 (8) TMI 600

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..... air market value in terms of the provision, the addition made by invoking Section 69 cannot be sustained - The only basis and foundation of the order passed by the AO was the circle rate - Merely and solely on the basis of the circle rate, addition could have been made by the Assessing Officer by invoking Section 69 of the Act - The AO should have followed the procedure u/s 50C once dispute was ra .....

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..... n, but do not think that this contention helps the case of the appellant-Revenue. The respondent- assessee during the year in question had purchased two commercial shops in Indira Puram, Ghaziabad for ₹ 30,42,500/- and ₹ 65,95,000/-. Assessing Officer made addition on the basis that as per the circle rate, for the two shops stamp duty was paid on ₹ 66,16,350/- and ₹ 1,43,41 .....

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..... the Assessing Officer by invoking Section 69 of the Act. The Assessing Officer should have followed the procedure under Section 50C once dispute was raised by the respondent-assessee and reference should have been made to the Departmental Valuation Officer. This lapse and failure on the part of the Assessing Officer dents and knocks the foundation on the basis of which addition was made. 4. In .....

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