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TMI Blog2019 (5) TMI 632X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of a seller for the purpose of section 48. It is an admitted position that the respondent assessee is the purchaser and not the seller and hence, the valuation adopted by the Stamp authority could not have been made the basis from coming to the conclusion that there is unexplained investment. As observed by the Commissioner (Appeals), no material was brought on record by the AO to prove that the assessee had in fact made investments over and above that recorded in the books in the year under consideration. - Decided against revenue. - R/TAX APPEAL NO. 1317 of 2018 - - - Dated:- 8-4-2019 - S MAUNA M BHATT (174) ORAL ORDER ( PER : HONOURABLE MS.JUSTICE HARSHA DEVANI) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om undisclosed sources not reflected in the books of account and treated the same as unexplained investment under section 69B of the Act. The assessee carried the matter in appeal before the Commissioner (Appeals), who allowed the appeal by holding that the Assessing Officer had relied upon the jantri rate without bringing any material on record to prove that the assessee, in fact, had made investment over and above that recorded in the books of account. While doing so, the Commissioner (Appeals) placed reliance upon the decision of the Tribunal in DCIT v. Virjibhai Kalyanbhai Kukadia, 138 ITD 255 , wherein it has been held that the provisions of section 50C of the Act cannot be applied for making addition under section 69B of the Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rchase price as shown by the respondent assessee as an unexplained investment under section 69B of the Income Tax Act. This court in the above referred decision has held that section 50C of the Act by deeming fiction substitutes the consideration received on sale of a capital asset by stamp duty valuation. Such deeming fiction however, is applicable only in the case of a seller for the purpose of section 48 of the Act. In the facts of the present case, it is an admitted position that the respondent assessee is the purchaser and not the seller and hence, the valuation adopted by the Stamp authority could not have been made the basis from coming to the conclusion that there is unexplained investment. Moreover, as observed by the Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X
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