2013 (5) TMI 439

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....the AO on the basis of presumptions, surmises, conjectures and valuation difference. 2. The Ld CIT (A) completely ignored the fact brought to his notice that the valuation of the impugned property by sub-registrar is erroneous as the value of the open terrace area has been included wrongly since the open terrace was never purchased by the original purchase agreement and hence, same could not have been legally sold by him resulting into astronomical rise in valuation by almost 219% within a period of 18 months, which is well nigh impossible. 3. Without prejudice to aforesaid, the Ld CIT (A) erred in relying on the irrelevant judgment, the facts of which were totally different than those of present appellant's case and also erred in out....

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....50C of the Act. In this regard, Ld Counsel mentioned that provisions of section 50C are applicable only to the seller of the property ie land or building or both. These provisions are not to be invoked on the purchaser-the assessee in this case. In support of his argument, Ld Counsel relied on the ITAT, Ahmedabad Bench decision in the case of Bharatkumar N. Patel vs. ACIT vide ITA No. 1749/Ahd/2008 for the proposition that 'there being no ambiguity in section 50C of the Act, the provisions of section 50C are not applicable to the purchaser of the property'. Further, Ld Counsel placed reliance on the following decisions for the proposition that 'the fiction cannot be extended any further, and therefore, provisions of section 50C cannot be in....