2020 (5) TMI 87

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....d 2-2-95, consisting of ground floor and first floor, on a total admeasuring and comprising area of 115 sq. yards situated at Ameerpet, Hyderabad for a consideration of Rs. 20,00,000/- vide registered sale deed with document no. 1557/2009, dated 24.06.2009. The AO observed that the Market Value of the property as per the sale deed as determined by SRO for the purpose of payment of stamp duty was Rs. 41,85,800/-. Therefore, he was of the opinion that provisions of S.50C of the Income Tax Act, 1961 (the Act) were applicable in assessee's case. Since the assessee has filed return of income for A.Y. 2010-11 admitting total income from business amounting to Rs. 1,53,500/- after Chapter-VIA deduction, but the assessee had not offered the said ca....

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....ssessee's appeal. 4. Aggrieved, the assessee is in second appeal before the Tribunal by raising the following grounds of appeal. 1) The order of the learned Commissioner of Income-Tax (Appeals) is erroneous both on facts and in law. 2) The learned Commissioner of Income-Tax (Appeals) erred in initiating proceedings uls 147 of the I.T. Act for the purpose of invoking the provisions of Sec.50C of the I.T. Act. 3) The learned Commissioner of Income-Tax (Appeals) erred in confirming the action of the Assessing Officer in not allowing deduction u/s 54 F of the I.T.Act. 4) The learned Commissioner of Income-Tax (Appeals) is not justified in mentioning that the appellant did not furnish the details for claiming deduction uls 54 of the I.T....