2020 (2) TMI 1444

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....- 7 Bengaluru dated 07.12.2018 in the case of the mother and dated 05.01.2016 in the case of the son. Both appeals were heard together and are being disposed of by way of this combined order for the sake of convenience. 2. Although several grounds are raised in both these appeals but in course of hearing, learned AR of the assessee advance arguments only regarding Ground No. 3 in ITA No. 322/B/2019 and Ground No. 5 in ITA No. 427/B/2016 as per which, this is the claim of the assessee that Provisions of Section 50C of the Act should be applied by adopting the circle rate on the date of Sale Agreement executed on 07.08.1995 and not on the date of sale deed executed on 30.08.2008 as done by the AO. 3. In course of hearing, reliance was p....

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....per law and for the limited purpose of examining this factual aspect that sale consideration was received in full or in part by way of account payee cheque or bank draft before the date of the sale deed, the matter was restored to AO because no material was available before the tribunl on this factual aspect. He submitted that in the present case, sale agreement dated 07.08.1995 is available on pages 8 to 18 of the paper book and as per clause 3 of this agreement on page 13 of the paper book, an amount of Rs. 7.03 Lacs was paid by two Cheques No. 100219 dated 08.03.1995 Rs. 5.53 Lacs and Cheque No. 109958 dated 14.07.1995 Rs. 1.50 Lacs. He also submitted that on page 47 of the paper book is the confirmation of the buyer as per which, he pai....