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TMI Blog2025 (2) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... as specifically examined the issue by issuing specific show cause notice dated 12/03/2022 which was duly responded by assessee and on consideration thereof, no further addition was made. In the result, ground of appeal raised by the assessee are allowed X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer without proper verification and/or enquiry and application of mind and law, on the issue, which should have been applied during the assessment. Such non-application of mind rendered the assessment erroneous and in so far as prejudicial to the interests of revenue. The ld. Pr.CIT further recorded that as per information, the assessee transferred land in Revenue Survey No. 937/2/1 of Village-Dumas for a consideration of Rs. 32.40 lacs, however, the Stamp Valuation Authority assessed the market value of land at Rs. 1.35 crores which resulted into under reporting of sale consideration of Rs. 1.03 crore, and provisions of Section 50C of the Act is attracted, therefore, the case was reopened as per provisions of Section 147 of the Act. During the assessment, the assessee took plea that provisions of Section 50C is not applicable in his case on the basis of proviso to Section 50C of the Act on the contention that the value adopted or assessed or assessable by the Stamp Valuation Authority on the date of agreement is applicable, in his case as the Stamp Valuation Authority valued on the date of agreement i.e. 27/12/2007 was Rs. 32,40,442/-. The Assessing Officer accepted suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... land as per agreement to sell and received part consideration at the time of execution of agreement to sell. The assessee by referring proviso to Section 50 and the details of part payment was paid by way of cheque in registered agreement to sale, submitted that from the facts and the evidences furnished by him, it is clear that proviso to Section 50C of the Act that value adopted or assessable by the Stamp Valuation Authority on the date of agreement to sale is applicable in his case i.e. sale consideration on the date of agreement to sale is to be considered. On the observation of ld. Pr.CIT in his show cause notice that proviso to Section 50C is applicable from 01/04/2017, the assessee submitted that as per various decisions of Surat Tribunal, Ahmedabad Tribunal and Mumbai Tribunal, it is held that proviso to Section 50C is squarely applicable in his case and for the purpose of Section 50C, the sale consideration in the agreement to sell has to be considered. In support of his contention, the assessee relied upon the decision of Surat Tribunal in Girdharbhai Haribhai Gajera Vs ITO (2023) 149 taxmann.com 463 (Surat Trib), Ramesh Govind Patel Vs ITO (2020) 118 taxmann.com 201, an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration on the date of agreement to sell is to be considered. The AO verified the issue and after considering the reply of assessee decided not to make any addition. The AO applied his mind to the point at issue which cannot be termed as erroneous. The assessee further submitted that alongwith his reply, he has furnished all relevant documents including the jantri value and the actual amount received vide his reply dated 14/03/2022. Once the AO concurred with the submission, it cannot be concluded that his decision is without due enquiry or consideration identifying as erroneous. The ld AR of the assessee submits that in a series of decisions, various bench of Tribunal held that the proviso to section 50C inserted by Finance Act 2016 w.e.f. 01.04.2017 has retrospective effect. Thus, the AO has taken a legally sustainable view which cannot be termed as erroneous. If the AO has not discussed the issue in detail, it is not under the control of the assessee and he cannot be dragged repeatedly on the same issue. The ld AR of the assessee submits that the twin condition for invoking jurisdiction is not full filled in the present case, hence, the order passed by ld PCIT is liable to be qua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s revising the assessment order is identical. Therefore, first we shall examine, whether the assessment order passed by the AO is erroneous and / legally sustainable order or not. Before, AO the assessee filed detailed objections vide objection dated 19.12.2021. In the objections the assessee specifically raised his plea that section 50C is not applicable in his case. Further, vide reply dated 14.03.0222, in response to the show cause notice dated 28.02.2022, the assessee again raised specific plea by referring first and second proviso to section 50C that the assessee has entered in agreement to sell on 27/12/2007 in fixing the amount of consideration. Part payment of consideration is mentioned in the agreement to sell which was paid by account payee cheque on 27/12/2007, such fact is clearly mentioned in the sale deed. The assessee contended that as per proviso to Section 50C, the value adopted or assessed or assessable by Stamp Valuation Authority on the date of agreement to sell is applicable in his case i.e. the sale consideration for the purpose of Section 50C is Rs. 3240442/- as per agreement to sell dated 27/12/2008 and not the value assessed by the Stamp Valuation Authority ..... X X X X Extracts X X X X X X X X Extracts X X X X
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