9911796707
TMI Blog2024 (8) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... orities in 2007 and the Noida Authorities had duly executed the lease deed in favour of the buyer. Thus, the transaction between the buyer and the assessee was concluded in 2003 itself. The buyer has not paid the remaining amounts to the assessee but to the Noida Authorities who inturn transferred the lease to the buyer and since, the amount of the circle rate as on the date of agreement and since the remaining amounts have been paid not to the assessee but to the Noida Authorities, keeping in view the fact that the transaction between the assessee and the buyer was concluded 2003 itself as per the prevailing circle rate, in the specific facts of the instant case, it is hereby held that no addition is called for u/s 50C - Appeal of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of mind, is illegal and bad in law. 4. That the Ld. CIT(A) has erred in law in upholding the Assessment Order dated 18.03.2014 having been passed by the Ld. AO without adequate jurisdiction under Section 143(3)/147 vide CIT(A) s order dated 10.07.2023 in view of the prevailing facts and circumstance of the case. Thus, the entire Reassessment proceedings is bad in law and void-ab-initio. 5. That the Ld. CIT(A) has erred in law in upholding the Assessment Order dated 18.03.2014 having been passed by the Ld. AO without the statutory and compulsory notice under Section 143(2) of the Income Tax Act, 1961 vide CIT(A) s order dated 10.07.2023 which makes the entire Re-assessment proceedings is bad in law and void-ab-initio. 6. That on the facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 002. Accordingly, Noida Authority allotted Plot no. 122, Block-C, Sector-122, Noida to the assessee. Copy of the said Allotment Letter dated 30.03.2002 is on record. 5. Thereafter, the assessee entered into an 'Agreement to sell' dated 07.02.2003 with Smt. Savita Sharma (Buyer) wherein he has transferred and relinquished all his legal rights in Plot no. 122, Block-C, Sector-122, Noida for a sale consideration of Rs. 9,26,000/- out of which he received a sum of Rs. 4,50,000/- by cheques nos. 260769, 227522 and 227523 dated 07.02.2003 and the remaining balance was to be paid by the said buyer directly to the Noida Authority as per the schedule of the Noida Authority. Copy of the said Agreement to Sell dated 07.02.2003 is on record. 6. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovision for full value of consideration in certain cases. 50C. (1) Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government (hereafter in this section referred to as the stamp valuation authority ) for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer: Provided that where the date of the agreement fixing the amount of consideration and the date of registration for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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