TaxTMI 
TaxTMI 
2019 (12) TMI 612
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....sed the following grounds of appeal: ''1. The order of the Ld. CIT(A) is contrary to law, facts and circumstances of the case. 2. The Ld.CIT(A) erred in giving relief to the assessee by holding that provisions of section 50C of the Act are not applicable to the present case in view of Circular 5/2010 dated 03.06.2010 issued by the CBDT when the transfer of assets impugned have taken place based on Power of Attorneys (POAs) dated 27/04/2007 & 28/11/2007 which were registered with the Stamp Duty Valuation Authority. 3. The Ld.CIT(A) erred in giving relief to the assessee by holding that provisions of section 50C of the Act are not applicable to the present case when the assessee themselves have considered the transa....
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...., 1961 (in short 'the Act') at total income of A Nil after setting off of brought forward loss and depreciation loss of A25,17,35,230/-. While doing so, the Assessing Officer adopted guideline value prescribed for registration of document as deemed consideration u/s.50C of the Act rejecting the argument of the assessee the provisions of Section 50C of the Act have no application. 4. Being aggrieved, an appeal was preferred before ld. CIT(A), who vide impugned order allowed the appeal by placing reliance on the CBDT Circular No.5/2010, dated 03.06.2010, which clearly clarify that provisions of Section 50C of the Act shall have application only w.e.f. 01.10.2009 and the provisions of Section 50C of the Act do not include transactions which....
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....consideration. The provisions of Section 50C of the Act have come into vogue w.e.f. 01.10.2009 and clearly states that the provision will come into effect from 01.10.2009. Further, the CBDT Circular No.5/2010, dated 03.06.2010, has also clearly explained that the provisions of Section 50C of the Act will come into effect from 1st October, 2009 and it is further clarified that the provisions of Section 50C of the Act have no application in respect of transaction which are not registered with the registration authorities. The Hon'ble Jurisdictional High Court in the case of CIT vs. R. Sugantha Ravindran, (2013) 352 ITR 488 had also clarified the position as under:- ''8.We have perused the above circular. It is stated therein that the....
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....atutory provisions. The relevant paragraphs 21 and 22 are extracted hereunder (page 237) : "21. It is manifest from the highlighted portion of the circular that as per the clarification issued by the Commissioner of Commercial Taxes, in exercise of the power conferred on him under section 28A of the TNGST Act, the benefit of the sales tax deferral scheme would be available to a dealer from the date of reaching of BPV or BSV, which ever is earlier, as is pleaded on behalf of the first respondent. It is trite law that circulars issued by the Revenue are binding on the Depart mental authorities and they cannot be permitted to repudiate the same on the plea that it is inconsistent with the statutory provisions or it mitigates the rigou....