2018 (8) TMI 1560

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.... This is an appeal filed by the assessee directed against the order of Commissioner of Income-tax (Appeals)-1, Kolkata passed u/s 258 of the Income Tax Act, 1962 in short ('the Act') dated 28.02.2018. 2. The assessee is a company the only issue for my adjudication is whether the provision of Section 50C of the Act would apply in the facts and circumstances of this case. The assessee entered i....

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.... Banaria Engineers Pvt. Ltd. and Nitu Jain received possession of the flats directly from the Vendors Shri Ramesh KR. Gupta and 21 others co-owners including M/s Florida Towers Pvt. Ltd.. 3. On these facts the issue is whether the Assessing Officer was right in invoking the provision of Section 50C of the Act on ground that the assessee sold flats and therefore market value as determined by Reg....

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.... by an appellant of a capital asset, being land or both is less than the value adopted or assessed or assessable by any authority of State Government therefore for the purpose of payment of stamp duty in respect of such transfer. It is settled legal proposition that deeming provision can be applied only in respect of the situation specifically given and hence cannot go beyond the explicit mandate ....