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TMI Blog2018 (9) TMI 1087X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER PER V. DURGA RAO, JUDICIAL MEMBER This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals), Visakhapatnam, dated 02/04/2014 for the Assessment Year 2009-10. 2. The first ground of appeal raised by the assessee is with regard to invocation of section 50C of the Income Tax Act, 1961 (hereinafter referred to as 'Act'). 3. Facts relating to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with the provisions of section 50C of the Act. 4. On appeal before the ld. CIT(A), it was submitted that the sale consideration was paid on 31/07/2008 and the registration was supposed to take effect on 31/07/2008. However, as there was some dispute, the registration was postponed to 07/08/2008 and by the time, the revised valuation was adopted by the Registering Authority. The assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer is justified in adopting value of Rs. 31,10,000/- as the full value of consideration" 5. On appeal before us, ld. Authorized Representative for the assessee reiterated the submissions, which were made before the ld. CIT(A). 6. On the other hand, ld. Departmental Representative strongly supported the orders passed by the authorities below. 7. In this case, the assessee has sold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 50C of the Act on the date of registration. We find no infirmity in the order of the ld. CIT(A). Thus, this ground of appeal raised by the assessee is dismissed. 8. The another ground of appeal relating to development expenses. 9. The Assessing Officer disallowed the entire expenditure claimed by the assessee on account of development / improvement of the property on the ground that no evidence ..... X X X X Extracts X X X X X X X X Extracts X X X X
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