2023 (8) TMI 1282

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....l. CIT ORDER PER RAJESH KUMAR, ACCOUNTANT MEMBER: This is an appeal preferred by the assessee against the order of Learned Commissioner of Income-tax (Appeals)- NFAC, Delhi [hereinafter referred to Ld. 'CIT(A)'] dated 02.05.2023 for the Assessment Year (in short 'AY') 2012-13. 2. The only issue raised by the assessee in the grounds of appeal is against the ex-parte order passed by Ld. ....

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....n is less than the fair market value and accordingly, the income has escaped assessment. Ld. AO during the course of assessment proceedings noted that the market value of the said property has been assessed at Rs. 5,89,97,915/- by the office of A.R.A-II, Kolkata. However, the amount of consideration received by the assessee was only Rs. 50 lakh out of the sale consideration vide sale deed dated 19....

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.... and the value as per the Government approved valuer is less than 10% which is within the leverage provided u/s 50C of the Act. The third proviso to Section 50C of the Act provides that where the value adopted or assessed or assessable by the stamp valuation authority does not exceed one hundred and ten per cent of the consideration received or accruing as a result of the transfer, the considerati....