Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
When assessee allotted plot by Noida Authorities, entered agreement to sell on 07.02.2003 receiving Rs. 4,50,000/-, remaining Rs. 4,76,000/- paid to Noida Authorities as per schedule. Assessee paid remaining amount in 2007, Noida Authorities executed lease in buyer's favor. Buyer paid remaining amount to Noida Authorities who transferred lease. Since transaction between assessee and buyer concluded in 2003 as per prevailing circle rate, no addition u/s 50C warranted. Assessee's appeal allowed.
When assessee allotted plot by Noida Authorities, entered agreement to sell on 07.02.2003 receiving Rs. 4,50,000/-, remaining Rs. 4,76,000/- paid to Noida Authorities as per schedule. Assessee paid remaining amount in 2007, Noida Authorities executed lease in buyer's favor. Buyer paid remaining amount to Noida Authorities who transferred lease. Since transaction between assessee and buyer concluded in 2003 as per prevailing circle rate, no addition u/s 50C warranted. Assessee's appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
