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TMI Blog2022 (5) TMI 169X X X X Extracts X X X X X X X X Extracts X X X X ..... to tax under the provisions of section 48 of the Act. Furthermore, the assessee has shown the sale consideration of ₹1.50 crores under the head capital gain and the amount in dispute directly relates to the same property and therefore the same can only be brought to tax under the head capital gain. In other words, the same cannot be made subject to the tax under the provisions of section 56 - In our humble understanding, the principles laid down by the ITAT in the own case of the assessee (Supra) are directly applicable to the issue on hand. Hence, we are of the view that the initiation of the proceedings under section 147 of the Act are bad in law. Hence, the ground of appeal of the assessee is allowed. - ITA No. 682/AHD/2019 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oner of Income Tax (Appeals) has erred in treating the alleged amount received on transfer of capita) asset as per seized records of the search parly u/s.56(2)(viii)(a) of the I.T. Act, 1961. 5. The learned Commissioner of Income Tax (Appeals) has erred in not appreciating the fact that the appellant is only Power of Attorney Holder and was not the owner of the asset which is subject to transfer. 6. The Appellant craves leave to add, alter, amend or modify any of the appeal on or before the date of hearing of appeal. 3. The assessee in ground Nos. 1 2 has challenged the validity of the assessment proceedings initiated under section 147 of the Act. 4. The proceedings, in the instant case, under section 147 of the Act were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect to the provisions of section 50C of the Act. It means the property was purchased by the assessee at the circle value. Therefore, the amount received by the assessee does not relate to the purchase of the land. Accordingly, the amount received by the assessee without any consideration is subject to tax under the provision of section 56(2)(vii)(a) of the Act. It was also contended that there was the issue relating to the provisions of section 50C of the Act in the own case of the assessee of earlier year in ITA No. 846/AHD/2012 which is not there in the case on hand. Thus the principles laid down in the own case of the assessee by the ITAT are not applicable. The ld. DR vehemently supported the order of the authorities below. 7. We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amely M/s Multi Industrial Ceramic Pvt Ltd amounting to Rs. 40 Lakh. The relevant finding of the AO as appearing in the assessment order is reproduced as under: In the absence of such details, it can be safely assumed that the said amount of Rs.40,00,000/- received by the assessee from the company is Income from other sources u/s.56(2)(vii) having been received without consideration. In view of the discussion above, the entire amount of Rs.40,00,000/- received by the assessee from M/s. Multi Industrial Ceramics Pvt. Ltd. is treated as Income from other Sources of the assessee. This amount is clearly reflected as receipts in the assessee s bank account and the same has been subsequently invested in mutual funds. 9.3 From t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal ground of appeal of the assessee is allowed. 7.1 Coming to the case on hand, we note that the proceedings under section 147 of the Act were initiated against the assessee for the amount received against the sale of the property. The relevant extract of the reason recorded by the AO stand as under: It was noticed that the total amount paid for the land is Rs.3,05,01,000/-. As per sale deed, Rs.1,50,000/- was paid to Smt.Nalini Anilbhai Amin. Thus, it is clear that Rs.1,55,01,000/- was paid in cash to Smt. Nalini Anilbhai Amin and Shri Jayant C. Amin and it was not offered for taxation. 7.2 As per the Revenue the amount of sale consideration received by the assessee stands at ₹3,05,010,00.00 whereas the assessee has dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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