2014 (8) TMI 600

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...., submits that Section 50C of the Income Tax Act, 1961 (Act, for short) was not invoked by the Assessing Officer, but the circle rates were referred to by the Assessing Officer at the starting point of the inquiry and addition was made under Section 69 of the Act. 2. We have considered the said submission, but do not think that this contention helps the case of the appellant-Revenue. The responde....

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....y basis and foundation of the order passed by the Assessing Officer was the circle rate. The Assessing Officer did not conduct any further inquiry and examine the actual market price of the two shops. Merely and solely on the basis of the circle rate, addition could have been made by the Assessing Officer by invoking Section 69 of the Act. The Assessing Officer should have followed the procedure u....