2019 (5) TMI 632

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....to as "the Act"), the appellant revenue has challenged the order dated 6.6.2018 made by the Income Tax Appellate Tribunal, Ahmedabad Bench "A" (hereinafter referred to as "the Tribunal"), in ITA No.1862/Ahd/2015 by proposing the following questions, stated to be substantial questions of law:- "(A) Whether on the facts and circumstances of the case, the Appellate Tribunal has erred in upholding ....

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....o the difference of amount of Rs. 1,88,02,500/- and he, therefore, considered such amount to be income from undisclosed sources not reflected in the books of account and treated the same as unexplained investment under section 69B of the Act. The assessee carried the matter in appeal before the Commissioner (Appeals), who allowed the appeal by holding that the Assessing Officer had relied upon the....

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....ourt has held thus:- "6. As is well known, section 50C of the Act makes special provision for full value of consideration in certain cases. Sub-section (1) thereof provides that where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a ....

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....ourt in the above referred decision has held that section 50C of the Act by deeming fiction substitutes the consideration received on sale of a capital asset by stamp duty valuation. Such deeming fiction however, is applicable only in the case of a seller for the purpose of section 48 of the Act. In the facts of the present case, it is an admitted position that the respondent assessee is the purch....