2023 (2) TMI 1016

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....(A) has erred in sustaining the addition of Rs. 17,19,182/- made by the ld AO on account of Long Term Capital Gain by adopting the valuation done by the ld. DVO as sale consideration of the agricultural land sold by assessee on one side and also reducing the cost of acquisition claimed by the appellant resulting into an addition of Rs. 17,19,182/-. 2. That under the facts and circumstances of the case, the ld. CIT (A) has erred in sustaining the action of the ld. AO who adopted the valuation done by ld. DVO as sale consideration of the property sold by the appellant without dealing with the objections filed by the appellant on such valuation. 3. That under the facts and circumstances of the case the ld. CIT (A) has erred i....

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....ar that the assessee has accepted the findings of the ld. CIT (A) on these issues. 4. Having considered the rival submissions and careful perusal of the record, we find that the additional ground raised by the assessee is arising from the impugned orders of the AO as well as ld. CIT (A). Thus it is clear that this is not a fresh plea raised by the assessee first time before the Tribunal but it is very much an issue which was before the AO and ld. CIT (A) and, therefore, in these facts and circumstances of the case, we admit the additional ground raised by the assessee for adjudication on merits. Additional Ground 5. As regards the additional ground regarding the addition made by the AO and confirmed by the ld. CIT (A), the ld. A/R ....

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....iod of three years after that date purchased any other land or building or any right in any other land or building or constructed any other building for the purposes of shifting or re-establishing the said undertaking or setting up another industrial undertaking, then, instead of the capital gain being charged to income-tax as the income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say, - xxxxx xxxxx xxxxx Hence, transfer of ownership rights in land or building attracts provisions of section 50C whereas in case of transfer of rights therein no such provisions are attracted. Such view has been upheld in various judicial pronou....

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.... Delhi) CIT vs. Greenfield Hotels and Estates Pvt. Ltd. 389 ITR 68 (Bombay HC) Atul G. Puranik vs. ITO 11 ITR - Trib. 0120 (ITAT Mumbai) The ld. A/R therefore, submitted that in view of the above judicial pronouncements the application of provisions of section 50C of the Income Tax Act, 1061 is unjustified and hence the addition made by the AO and sustained by the ld. CIT (A) deserves to be quashed. 6. On the other hand, the ld. D/R has relied upon the orders of the authorities below. 7. We have considered the rival submissions as well as the relevant material on record. At the outset, we noticed that the ld. CIT (A) while deciding the appeal of the assessee has categorically in para 5.1 of his findings has record....