2011 (9) TMI 981

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....s in appeal against the judgment of the Tribunal dated 31.12.2009. Following questions have been raised for our consideration: (i) Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in deleting the addition of Rs. 19,78,988/- made by the Assessing Officer and confirmed by the Appellate Commissioner under Section 69B of the Act being the....

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....he factual background leading to the appeal is as follows: 3. The assessee filed return of income for the Assessment Year 2005-06, in the relevant previous year, the assessee had purchased lands through 4 different sale deeds. While framing the assessment, Assessing Officer noticed that the assessee had paid additional stamp duty on each of these sale deeds calculated by the Stamp Valuation Aut....

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....s of the seller and cannot be extended to cover an assessee who is a purchaser of the land. It was observed that Section 50C cannot be used for substituting apparent sale consideration. 5. The Tribunal held and observed as under: "5.2 Admittedly, in the present case, apart from relying upon the rates adopted by Stamp Valuation Authority, there is no other material to support the additi....

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....e sale consideration indicated in the saledeeds. Assessee paid up additional stamp duty on such valuation. This by itself would not mean that the assessee made any unexplained investment. Section 50C of the Act would cover the instances of capital gain upon sale of immovable property by the sellers. 7. The assessee had contended before the Authorities that he had paid nothing further than the s....