2018 (1) TMI 1560

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....rounds of appeal: 1.1] On the facts and the circumstances of the case and in law, the learned CIT Appeal has erred in confirming the view of the assessing officer that Section 50C is applicable to transfer of lease hold land and thereby erred in directing the A.O to substitute the value of Sale Consideration at Rs. 1,43,53,100/- being the value adopted by Stamp Valuation Authority, for ascertaining the capital gain. 1.2] On the facts and the circumstances of the case and in law, the learned CIT Appeal has erred in holding that the appellant is the owner of the lease hold land by virtue of 95 years of lease period. 2.1] On the facts and the circumstances of the case and in law, the learned CIT Appeal has erred in u....

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....y notice of hearing through RPAD. Despite service of notice, none appeared on behalf of assessee. 4. We have heard the ld. Departmental Representative (DR) for the Revenue and perused the material available on record. The ld. DR for the Revenue supported the order of ld. CIT(A). It was argued that the ld. CIT(A) has already granted sufficient relief to the assessee by directing the AO to adopt the value adopted by Stamp Valuation Authority. For disallowance of bad-debt, it was argued that assessee has not placed any material on record about the bad-debt. The ld. DR for the Revenue prayed for dismissal of the appeal. 5. We have considered the submission of ld. DR and perused the orders of authorities below including the submission file....