2021 (1) TMI 675

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....n account of short term capital gains of Rs. 12,08,600/- u/s. 50C. (Tax effect Rs. 3,92,562/-) 3. That the Ld. CIT(A) erred in applying provisions of Section 50C and considering stamp duty value to be actual consideration. (Tax effect Rs. 3,92,562/-) 4. That the Ld. CIT(A) was not justified in not making reference to DVO and considering stamp duty value to be actual consideration. . (Tax effect Rs. 3,92,562/-) 2. The effective ground in this appeal is against sustaining the addition of Rs. 12,08,600/-. 3. Facts, in brief, are that the case of the assessee was reopened and the assessment u/s. 143(3) r.w.s. 147 of the Act was framed vide order dated 23.03.2015. The assessing officer observed in the assessment that the assessee had trans....

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....en synopsis. Ld. counsel vehemently argue that the authorities below have failed to appreciate the fact that the assessee was merely an agent who earned commission. Further, the revenue authorities have failed to appreciate the fact that the assessee had not transferred the land as the owner of the property. He has merely transferred the land as the Power of Attorney holder. 6. On the contrary, Ld. DR opposed the submissions and supported the orders of the authorities below. The submissions of the assessee are reproduced as under: 1. The details of land deals were as under: 2. Sr. No. Date Details of Parties Document Khasra No Area Amount 1. 07.12.2005 Shankar Sadhwani to Vikas Virani Agreement to sell 278-283, 270,496, 2....