2023 (7) TMI 233

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.... KUL BHARAT, JM: This appeal, by the assessee, is directed against the order of the learned Commissioner of Income-tax (Appeals)-1, Noida, dated 29.02.2016, pertaining to the assessment year 2010-11. The assessee has raised following grounds of appeal: "1. That in the facts and circumstances of the case and in law Ld CIT(A) erred in deeming gift of immovable property by appellant being....

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....erty i.e. residential plot no. 13C, Phase-III, village Tughalpur Haldauna, Greater Noida, admeasuring 1420.80 sq. Mtr. For Rs. 4,00,000/- to Smt. Arvind Kaur. The stamp valuation as per Section 50C of the Income-tax Act (the 'Act'), was Rs. 1,27,88,000/-. The case of the assessee was, therefore, reopened u/s 147 of the Act and after giving notice to the assessee the Assessing Officer framed the as....

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....ale consideration as per sale-deed and circle rate determined by the Stamp Valuation Authority. The Assessing Officer treated the difference between the sale consideration as disclosed by the assessee and the circle rate as deemed income liable for capital gain tax. 5. Learned DR supported the orders of the authorities below and contended that the authorities below have rightly applied the prov....