TaxTMI 
TaxTMI 
2024 (3) TMI 474
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....ereinafter referred to as 'the Act') relating to the Assessment Year 2018-19. 2. Brief facts of the cases, the assessee is an individual derive income from salary, business and other sources. For the Asst. Year 2018-19, the assessee filed his return of income on 22/08/2018 declaring total income of Rs. 4,35,260/-. The return was taken for scrutiny assessment and notice under section 142(1) was issued in faceless assessment proceedings asking the assessee to furnish details of investment made in immovable property and why the valuation under section 50C should not be invoked. The assessee replied that he purchased the immovable property along with nine others and his share is 2.7% only and he paid the sale consideration of Rs. 18,476/- on 0....
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....of income of Rs. 2,67,188/- under valuation of stamp duty value on purchase consideration of the property u/s 50C of I.T. Act 1961. 2. Your appellant crave, leave to add, alter, and or to eared modify substitute all or any ground of appeal before final hearing if necessity so arise". 3.2. The appellant has stated the facts in column no. 11 of Form No. 35 as under: "My self is earn salary income, agriculture income, income from other sources and business income from Gujarat Trading co return of income declared according. filed return on dt. 22.08.2018. The addition made of Rs. 6,59,065/- towards under valuation on purchase of land and hence this appeal. Ground number 1 undervaluation of stamp duty on purchase consideration of the....
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....ion of Rs. 1,84,78,850/-. The share of the appellant in this purchase consideration is 2.7%. The assessee stated that only an amount of Rs. 18,476/- has been paid as purchase consideration by him. However, the AO pointed out that on page-10 and 19 of the Purchase Deed it has been mentioned that the entire purchase consideration of Rs. 4,98,879/- has been paid by the assessee and no balance is outstanding from the any of the purchasers. In view of this, the AC has added an amount of Rs. 2,67,188/- being 2.7% of the differential amount between the stamp value rate and the purchase consideration. The appellant during appeal proceedings has not made any submissions or submitted any evidence to controvert the above findings of the AO. I find tha....