2024 (1) TMI 1133

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....nds of appeal but his grievance revolves around two issues, namely - (a) whether reopening of the assessment is valid in law or not; (b) whether any addition with the aid of Section 50C(1) is deserved to be made in the hands of assessee and if 'yes', then, how much addition is to be made. 3. Brief facts of the case are that ld. Assessing Officer had received an information exhibiting the fact that assessee has sold an immovable property at Gaziabad, whose sale value did not match with the Stamp Duty Valuation, vis-à-vis shown by the assessee. Hence a notice under section 148 was issued. The assessee has filed return of income declaring total income of Rs. 3,96,640/- on 17.04.2019. 4. The chronological events i....

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....ld. CIT(Appeals) did not bring any relief to the assessee. 7. With the assistance of ld. Representatives, we have gone through the record carefully. Section 50C and its first proviso have a direct bearing on this controversy. Therefore, we deem it appropriate to take note of this part of this section, which reads as under:- "Sub section (1) of the section 50C provides that where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value of adopted or assessed or assessable by any authority of State Govt. for the purpose of payment of Stamp duty in respect of such transfer, the value of adopted or assessed or assessable shall be deem....

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....eration of Rs. 5,62,499/-. The sale deed was executed by the Gaziabad Development Authority in favour of the assessee. Later on assessee sold this plot to one Shri Ravi Kaushik, son of Shri O.P. Sharma for a consideration of Rs. 4,51,000/-. This amount was received by the assessee through Bank Draft. The assessee has further executed Power of Attorney in favour of Shri Manoj Kumar Sharma. Shri Manoj Kumar Sharma resold this plot on 18th November, 2011 to one Shri Shiv Dutta Sharma. Therefore, in the hands of the assessee the Stamp Duty Valuation ought to have been determined in the year 2000 and not 2011. Gaziabad Development Authority must have executed the Conveyance Deed in favour of the assessee more than the value determined by the Reg....