2016 (7) TMI 275

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.... Narendra Singh, Sr. D.R. PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. This appeal by the assessee is directed against the order of Ld. CIT(A)- XV, Ahmedabad dated 13.08.2012 pertaining to A.Y. 2006-07. 2. The substantive grievance of the assessee read as under:- 1. The C.I.T.(Appeals) erred in upholding the addition of Rs. 7,66,666/- as deemed income u/s. 50C of the I.T. Act. 1.1 The C....

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....dan Barot to whom the assessee had entered into Banakhat on 22.11.1993 (supra). This sale deed was registered. 4. The A.O was of the firm belief that it is the assessee who has sold the property and, therefore, taking a leaf out of the provisions of Section 50C of the Act, The A.O adopted the stamp duty value of the registered sale deed as the full value of consideration and re-computed the cap....

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.... place between Shri Prafulchandra P. Patel and Shri Vimal R. Ambani/ Indravadan Barot. It is also an undisputed fact that for the impugned land, assessee had entered into a Banakhat on 24.09.1993 with Shri Prafulchandra Patel sold the land, assessee had only relinquished his right in property. 7. From the reading of Section 50C, it is evident that Section 50C is a deeming provision and it exten....

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....se to apply. 8. From the facts of the case as mentioned elsewhere, it is seen that the assessee has transferred only rights in the impugned land which cannot be equated to land or building or both. Therefore, in our understanding of the fact qua the provisions of Section 50C, the action of the revenue authorities is erroneous. We, therefore, set aside the findings of the ld. CIT(A) and direct t....