2019 (4) TMI 1664

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....w the Ld. CIT(A) has erred in sustaining the addition of Rs. 8,27,735/- on account of Short Term Capital Gain made by the AO by invoking provisions of section u/s 50C of the Act. 3. In the facts and in the circumstances of the case and in law the Ld. CIT(A) has erred in upholding the order passed by the AO that provisions of section 50C are applicable to the right transferred in lease hold property. 4. The appellant craves leave to add, alter, omit or substitute any or all of the above grounds of appeal, at any time before or at the time of appeal." 2. The brief facts of the case are that as per AIR information, the assessee sold immovable property during the FY 2008-09. For verification of the said transaction notice u....

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....n 11.7.2008 i.e. on the date of receipt of total consideration and considered the circle rate prevalent on this date for calculation of short term capital gain as per the provisions of Section 50C. Later vide submission dated 09.12.2016, Ld. counsel for the assessee, quoting certain case laws, has stated as the property in question was leasehold property, the provision of section 50C of the I.T. Act, 1961 is not applicable and has computed short term capital gain considering actual sale consideration of Rs. 14,80,000/- not the value for stamp duty purpose on the date of actual transfer of right of the property and computed short term capital gain on sale of the property at a loss of Rs. 41,560/-. Hence, the AO added the short term capital a....

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.... Dubey; possession letter dated 5.4.2007; agreement ot sell dated 11.7.2008 between Gopal Krishna Dubey and Om Prakash; Transfer Memorandum dated 14.11.2018 (Noida Authority's permission for transfer); Transfer deed dated 4.12.2008 between Gopal Krishna Dubey and Om Prakash; assessee submission dated 28.11.2016 before ITO; assessee submission dated 6.12.2016 before ITO; assessee submission dated 09.12.2016 before ITO; Form NO. 35 and Statement of Facts and Grounds of appeal before CIT(A). In another Paper Book which is containing pages 1-57 in which he has attached the copy of decision dated ACIT, Circle 28(1), vs. Shri Kishan Dass ITA No. 915/De;/2012 (AY 2008-09) order dated 7.6.20013 (Trib.); ITO vs, Shri Chander Shekar ITA No. 430/D/201....