2015 (12) TMI 389

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....he property was registered at a value of Rs. 1,71,00,000/- as against total purchase consideration of property declared at Rs. 40,90,000/-. (viii) By wrongly invoking the provisions of Section 50-C in deleting the addition made u/s 69 B of the Act. 2. During the period under consideration Mrs. Pinki Ganju and M/S Delight Realtors Pvt. Ltd. jointly have purchased a commercial space bearing no. GF SR of 2045 square ft. at Ansal Plaza, Vaishali for total consideration of Rs. 40,90,000/- only. However, Registrar of property had registered this property at Rs. 1,71,00,000/- and on which registry charge has been paid to the extent of Rs. 11,87,000/- both the partners have invested equal share of money to the extent of 50%. The assessee was ....

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.... income of the assessee. The assessee filed appeal before Ld. CIT(A). 4. The Ld. CIT(A) held in Para 4 that : "I have considered the assessment order, written submissions and case laws, grounds of appeal of the AR. The facts of the case are narrated in para 1,2 & 3 of the AR very clearly in page 2 above. After going through the recent Delhi Tribunal decisions, I find it clear that Section 50C is applicable to seller of the immovable property for determination of capital gain u/s 48 of the I.T. Act. The decision of jurisdictional ITAT is binding on authorities below. The A O had to prove any underhand dealing or on money passed from purchaser to seller of property in case or any other mode or kind, then only the extra money passed can ....

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....evidence of excess amount paid by the buyer, has ignored the fact that assessee paid total amount of Rs. 40,90,000/- to the seller which was confirmed by the seller in front of the registrar at the time of registry. The AR submitted that AO has not verified this fact from registry and simply made addition of Rs. 65,05,000/-. 7. We have perused all the records and the submissions made by both the parties. The AO not verified from the registry as to whether the excess payment was made by the assessee in this Assessment Year or not. It is observed that the assessee along with M/s Delight Realtors Pvt. Ltd. has purchased commercial space Bearing No. GFSR 29 at Ansal Plaza. The same space was already rented out by Ansal Housing and Constructi....