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TMI Blog2020 (12) TMI 114X X X X Extracts X X X X X X X X Extracts X X X X ..... hts in land and plot. The issue is also covered in favour of the assessee by the decision of the coordinate bench in case of Ritz Suppliers Pvt. Ltd [ 2020 (1) TMI 726 - ITAT KOLKATA] , Pyaribai K Jain [ 2019 (2) TMI 1055 - ITAT MUMBAI] and Kencast Pvt. Ltd [ 2015 (4) TMI 588 - ITAT PUNE] . In view of the above binding precedents we allow ground No. 2 of the appeal which challenges that provision of section 50C of the Act do not apply on transfer of leasehold right in plot of land and direct the ld AO to delete the addition - Decided in favour of assessee. - ITA No. 5837/Del/2019 - - - Dated:- 2-12-2020 - SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Assessee by : Shri Baldev Raj, CA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer and or not followed the mandatory procedure law down U/S 50C(2 ) of the Act. where Appellant had disputed the value so adopted and submitted that value adopted by the stamp duty authority is higher than the fair market value. 4. That on the facts and in circumstances of the case, the Ld. CIT(A) erred ₹ 6,38,302/- in upholding the addition to the tune of Rs, 22,10,000/- in short term capital gain as per provision of section 50 C of the Act 5.1 All the above-mentioned grounds are independent and without prejudice General ground to other. 3. Brief facts of the case shows that the assessee is an individual. He filed his return of income on 04.07.2016 declaring income of ₹ 567120/-. The case of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessed by the assessee at ₹ 554880/-. Consequently, addition of ₹ 2210000/- was made. The assessment order was passed u/s 143(3) of the Act on 15.12.2018 determining the total income of the assessee at ₹ 2777120/- against the return income of ₹ 567120/-. 7. Aggrieved by the order of the ld AO the assessee preferred appeal before the ld CIT(A) who confirmed the addition and therefore, the assessee is in appeal before us. 8. The rival parties are heard, paper book produced by the ld representative was perused. On careful consideration of the whole issue it is apparent that ground No. 1 is general in nature and hence, same is dismissed. 9. Ground No. 2 and 3 of the appeal are on the merits of the addition. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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