TaxTMI 
TaxTMI 
2018 (7) TMI 1479
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....ed to be adjudicated, the same are reproduced as under:- "2. The ld. CIT(A) ought to have held that the notice issued under section 148 is not in accordance with law and is liable to be quashed as illegal and consequently the reassessment proceedings are void authorities below initio. 3. Without prejudice to the above, the ld. CIT(A) is not justified in sustaining the addition of Rs. 26,87,000/- made by the Assessing Officer by adopting the SRO value of Rs. 80,61,000/- as the deemed consideration in terms of section 50C of the Act as against the actual consideration of Rs. 53,74,000/-. 3. Ground No.2 raised by the assessee relating to reopening of assessment. The assessee filed a return of income admitting total income ....
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....document consideration of Rs. 53,74,000/-. The market value declared in the document was at Rs. 11.25 lakhs per acre. Therefore, prima-facie the Assessing Officer had sufficient reason to believe that income has escaped assessment in view of the provisions of section 50C of the Act. Accordingly, the action of the Assessing Officer for invoking the provisions of section 148 is upheld by the ld. CIT(A). 5. Now, before us the Authorized Representative for the assessee has submitted that in the original assessment order, the Assessing Officer has considered the document dated 19/04/2010 and passed the assessment order. Therefore, issuance of notice under section 148 is change of opinion, which is not correct in the eyes of law. 6. On the ....
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....- between the two amounts. Therefore, I have reason to believe that income chargeable to the tax has escaped assessment within the meaning of provisions of section 147 of I.T. Act, 1951 as the assessee failed to take into account provisions of section 50C of I.T.Act, 1961 which resulted in under statement of income from sale of property liable for capital gains". 9. From the above, we find that reasons have been recorded by the Assessing Officer are shows prima-facie there is an escapement of income and we hold that reopening of assessment is justified in this case. Accordingly, this ground of appeal raised by the assessee is dismissed. 10. Ground No.3 raised by the assessee relating to value of property as per section 50C. ....
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....not considered the certificate issued by the SRO. By considering the sale deed dated 23/02/2010, the market value of the subject property has been considered as per section 50C of the Act of Rs. 80,61,000/- and accordingly assessment is completed. On appeal, ld. CIT(A) confirmed the order of the Assessing Officer by observing as under:- "5.1 The next issue for consideration is as to what is the market value of the property in terms of Sec 50C. The assessee had pleaded that even as per provisions of Sec.50C the market value of the property was only Rs. 53,74,000/- and that the guideline value for stamp duty purpose was only Rs. 65 lakhs per acre. A copy of certificate of Registering Authority stating that the market value as per bas....
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....er acre. The market value adopted by the Assessing Officer of Rs. 80,61,000/-, which is not correct and submitted that sale consideration received by the assessee of Rs. 53,74,000/- should be considered. 14. On the other hand, ld. Departmental Representative has submitted that in the sale deed clearly mentioned about the market value of the subject property at Rs. 80,61,000/-. As per section 50C, the Assessing Officer has to adopt the market value and not the sale consideration received by the assessee. He strongly supported the orders passed by the authorities below. 15. We have heard both the sides, perused the material available on record and orders of the authorities below. 16. In the instant case, the assessee sold the propert....