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TMI Blog2015 (12) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... the execution of sale deed was executed. It is very pertinent to mention that the provisions of Section 50C applies in case of calculation of sale consideration for the purpose of capital gain in the hands of seller of any capital asset. This aspect has been rightly taken into consideration by the Ld. CIT(A). Therefore, the action of Assessing Officer in making addition u/s 69B of the Income Tax Act, 1941 towards unexplained investment was not correct and Ld. CIT(A) has rightly directed the Assessing Officer to delete addition - Decided in favour of assessee. - I.T.A .No.-3778/Del/2012 - - - Dated:- 9-10-2015 - MEMBER For The Appellant by Sh. V. R. Sonbhadra, Sr. DR For The Respondent by Sh. S.K. Chaturvedi, C.A This appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchased property should not be treated as investment not fully disclosed and added to the income of the assessee. The assessee gave the reply that Section 50C was enacted to decide the sale consideration of an immovable property for the purpose of capital gain in the case of seller of an immovable property as his capital asset below the value determined by stamp authorities and applies to the head of income under Income under the head Capital Gain . The assessee submitted that she was buyer of the property from a builder M/s Ansal Housing and Construction Ltd. to purchase the plot and constructed the entire building. Therefore, the seller was having this activity as his business activity and he has sold part of building out of his stock. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lant had to pay more income tax on unreasonable additions. The appellant is a school teacher and Kasmir. lady, settled in Delhi after loosing their properties at Kasmir. She had invested the above 40.90 lakhs to earn some income for survival. It is a deemed provision for computation of capital gains. The section 50C is not applicable to the purchaser of immovable property. In the present case the appellant is a purchaser of the property from Ansal Plaza, Vaishali, Ghaziabad. Therefore, the action of the A O in making addition u/s 68 towards unexplained investment is not correct. The Assessing Officer is directed to delete the addition of ₹ 65,05,000/- accordingly. 5. The DR relied on the Assessing Officer s order and submitted t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of ₹ 40,90,000/- were explained to the satisfaction of the Assessing Officer by the assessee. Since the space was rented the sale consideration was agreed upon on the basis of rate of return basis. The sale deed was not executed at the time of purchase of space. The same was executed in the A.Y 2009-10. The stamp duty was paid amounting to ₹ 11,87,000/- as per value assessed by stamp valuation officer at ₹ 1,71,00,000 which further reduced the rate of return of the rented space. Therefore, the total consideration of ₹ 40,90,000/- which was paid at the time of purchase of this space has been mentioned in the sale deed. These factors have been submitted before the Ld. CIT(A) as well as before the Assessing Officer by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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