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TMI Blog2019 (4) TMI 1664X X X X Extracts X X X X X X X X Extracts X X X X ..... pital asset transferred by the assessee as determined by the concerned revenue authorities under the provisions of the Indian Stamp Act, 1899 and the said acceptance has become final and hence, the said assessee cannot go back on its admitted position and accepted valuation of the capital asset before the authorities acting under the provisions of the I.T. Act, 1961. CIT(A) has rightly confirmed the addition in dispute - Decided against assessee. - I.T.A .No.-6085/Del/2018 - - - Dated:- 25-4-2019 - SHRI H.S. SIDHU, JUDICIAL MEMBER For The Appellant : Shri R.R. Maurya, Adv. For The Respondent : Shri S.L. Anuragi, Sr. DR ORDER This appeal filed by the Assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice u/s. 148 of the Act was issued on 21.3.2016. Subsequently, notices under section 142(1) of the Act alongwith queries were issued. In compliance of notice u/s. 148 of the Act and subsequent notices u/s. 142(1) of the Act AR of the assessee appeared and furnished copy of ITR filed on 30.9.2009 and submitted that the same may be treated as ITR filed in response to notice u/s. 148 of the Act dated 21.3.2016. AR of the assessee attended the assessment proceedings from time to time and furnished replies alongwith supporting documents in response to queries made. AO observed that during the year under consideration assessee sold an immovable property 332, Block-G, Sector-63, Noida having plot area 250 sq. mtrs. and 69.98 sq. mtrs. covered area ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is in appeal before the Tribunal. 3. Ld. Counsel for the assessee has stated that Ld. CIT(A) was not justified in sustaining the addition of ₹ 8,27,735/- on account of Short Term Capital Gain made by the AO by invoking provisions of section 50C of the Act. He further submitted that lower authorities have wrongly observed that the provisions of Section 50C are applicable to the right transferred in lease hold property. He further submitted that the provision of section 50C are not applicable in the case of leasehold properties as has been pronounced in the number of cases by Hon ble Courts. In support of his contention, he filed 02 Paper Book, one is containing pages 1089 in which he has attached the copy of income tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. vs. ITO ITA No. 635/Kol/2018 order dated 4.7.2018 (Tri.). 4. On the other hand, Ld. DR relied upon the orders of the authorities below. 5. I have heard both the parties and perused the records especially the impugned order. I find that only dispute involved in this case is the adoption of the circle rate value of the immovable property disposed by the assessee during the relevant previous year and the consequential short term capital gains arising to the assessee which has been held to be taxable by the AO. In the present case the assessee has accepted the valuation of the capital asset transferred by the assessee has attained finality. However, under the provisions of Indian Evidence Act, 1872 the said ad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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