9911796707
TMI Blog2015 (5) TMI 1115X X X X Extracts X X X X X X X X Extracts X X X X ..... re-rolling, slitting, adgemilting, sheeting, stamping, pressing, extruding, forging, drawing, flattening, straightening, heat treatment of all kinds of steel and other metals or any other stripes, sheets, foils, tapes, wires, rods, plates and any other sections, shapes or forms. Keeping in view the above, we hold that the appellant sold the property only as investor. The version of the appellant that the property is held as stock in trade cannot be believed. Having held that the property sold was held as investment or capital asset, then the provisions of Section 50C are clearly applicable. The fact that the appellant had not received consideration over above sale proceeds stated in the registered document shall have any bearing on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sale/purchase business is insignificant in the Memorandum, so AO is correct to invoke provisions of section 50C and hence application of provision of section 50C is based on irrelevant considerations/presumptions and without any material in support of such finding which is not acceptable under law. iv. Because, learned commissioner of Income Tax (Appeals), has failed to appreciate that the assessee's records are clearly proving the plot under question as 'stock in trade' even before the scrutiny for current year and he also explained the reason for lower sale price etc. and now it was the turn of revenue to prove the alleged/presumed stand with evidence in which it miserably failed but still said addition is upheld. v. Bec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e disparity between returned income and assessed income is on account of addition of ₹ 39,04,000/- under the provisions of Section 50C of the Act. In respect of the property sold, the Assessing Officer had not accepted the contentions of the appellant that the property sold was forming a part of stock in trade. Hence, the provisions of Section 50C of the Act cannot be applied. Being aggrieved, an appeal was preferred before the learned CIT(A) who vided order dated 01.03.2013 dismissed the appeal by holding that the subject property was not a part of stock in trade but a capital asset and therefore, the provisions of Section 50C of the Act are applicable. Hence, the present appeal is before us. 3. Learned Authorized Representative h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roperty, he cannot be treated as a trader in the immovable property. He further submitted that in the booming condition of real estate, it cannot be believed that there is no gain on the property even after lapse of three years. The version of the appellant company is nothing but a make believe story to avoid the capital gain tax. 5. We have heard the rival submissions of the parties and have perused the material available on record. In this case, we are required to adjudicate in the facts and circumstances of the case whether the subject property was sold in the capacity of investor or trader. If the subject property had been sold as investor, obviously it implies that the provisions of Section 50C are applicable. On the other hand, if ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of all kinds of steel and other metals or any other stripes, sheets, foils, tapes, wires, rods, plates and any other sections, shapes or forms. 7. Keeping in view the above, we hold that the appellant sold the property only as investor. The version of the appellant that the property is held as stock in trade cannot be believed. Having held that the property sold was held as investment or capital asset, then the provisions of Section 50C are clearly applicable. The fact that the appellant had not received consideration over above sale proceeds stated in the registered document shall have any bearing on the applicability of the provisions of Section 50C of the Act. 8. Hence, the appeal filed by the appellant is dismissed. 9. In th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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