2017 (8) TMI 1527

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....uroop Singhi For the Respondent : None ORDER By way of this appeal, the appellant has assailed the judgment and order of the Tribunal whereby the Tribunal has allowed the appeal preferred by the assessee under Section 271 (1)(c) of Income Tax Act, 1961. Counsel for the appellant has framed the following questions of law: "i) Whether the Tribunal was justified in deleting the p....

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.... part of capital redemption while sale deed dated 5/11/2011 for Rs. 1,81,95,000/- the cost of the land against the sale was Rs. 2,04,19,388/- the stamped authority adopted value for the purpose of stamp duty of Rs. 1,98,42,556/-. However, the assessing officer ignored the actual sale consideration at Rs. 1,81,95,000/- as well as the deemed consideration under Section 50C of the Act of Rs. 1,98,42,....

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....section 10(37) of the Act. The Ld. Counsel relied on the decision of the coordinate bench rendered in the case of GTO Vs. Rajmata Shanti Devi(2001) 76 ITR 299 (Ahd) and also place reliance on the judgment of the Hon'ble Supreme Court rendered in the case of Price Waterhouse Coopers Pvt. Ltd. Vs. CIT and another 348 ITR 306 (SC). He further submitted that the assessment order under section 143(3) o....