2024 (8) TMI 165

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....e additions made by the Ld. AO for Rs. 45,08,000/- on account of difference between the actual sale consideration and value adopted under Section 50C without appreciating the prevailing facts and circumstances of the case vide CIT(A)'s order dated 10.07.2023. 2. That the Ld. CIT(A) in view of the prevailing facts and circumstances of the case has erred in law in confirming the action of the Ld. AO by wrongly adopting the circle rate value u/s 50C for the A.Y. 2008-09 i.e. at the time of execution of the lease deed instead of correctly adopting the circle rates for A.Y. 2002-03 i.e. at the time of execution of the Agreement to sell. Thus, the said addition on account of difference between actual sale consideration and value adopted ....

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....nt order having been passed in gross violation of principles of natural justice and without affording reasonable opportunity, is illegal and bad in law. 8. That the Ld. A.O. has erred in law and on facts of the case in charging interest u/s 234A, 234B and 234 C of the Income Tax Act, 1961." 3. The only issue in the present appeal relates to the addition of Rs. 45,08,000/- (Rs. 54,34,000 - Rs. 9,26,000) made u/s 48 of the Income Tax Act, 1961 on account of alleged difference between the actual sale consideration i.e. Rs. 9,26,000/- and value adopted u/s 50C after deeming the sale consideration to be at Rs. 54,34,000/- as per the stamp value rates as on the execution of Lease deed between the assessee and the buyer as on 16.10.200....

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....ated 16.10.2007 executed in favour of the buyer (Smt. Savita Sharma) by the assessee is on record. 7. The assessment for the year under consideration in the case of the assessee was completed vide Assessment Order dated 18.03.2014 under section 143(3)/147 by making an addition of Rs. 45,08,000/- (Rs. 54,34,000 - 9,26,000) made under section 48 after considering the sale consideration at Rs. 54,34,000/- under section 50C instead of the actual sale consideration for Rs. 9,26,000/-, by adopting the circle rates at the time of execution of Lease deed between the assessee and the buyer i.e. 16.10.2007, by ignoring the Agreement to Sell executed between the assessee and buyer on 07.02.2003 for a consideration of Rs. 9,26,000/-. 8. Aggrieved....

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....or the year under consideration, shall be that of the date on which the agreement fixing the amount of consideration i.e. agreement to sell was executed which is 07.02.2003 and not be that of the date of which the Lease deed was executed i.e. on 16.10.2007. Moreover, it is also not out place to mention here that the payment made by the buyer to the seller in lieu of the said Agreement to Sell dated 07.02.2003, and payments were also made vide cheques dated 07.02.2003 itself. 13. Thus, it can be found that the assessee was allotted a plot by Noida Authorities. He entered into an agreement to sell on 07.02.2003 and the amount of Rs. 4,50,000/- have been duly received by the assessee. The remaining amount of Rs. 4,76,000/- has to be paid to....