TaxTMI 
TaxTMI 
2024 (10) TMI 654
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....YADAV, VICE-PRESIDENT (KZ):- The assessee is in appeal before the Tribunal against the order of ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi dated 13th September, 2022 passed for A.Y. 2012-13. 2. In response to the notice of hearing, no one has come present on behalf of the assessee. Shri Rakesh Kumar, Advocate, had appeared earlier and sought adjournme....
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.... paper book or material before the Tribunal. Therefore, we adjudicate only one issue, namely whether addition of Rs. 42,39,000/- is sustainable or not. 4. Brief facts of the case are that the assessment order commenced with reference to some report from Intelligence and Criminal Investigation, Dhanbad in the case of Shri Mahesh Kumar Sharma, Deogarh. The ld. Assessing Officer further observed tha....
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....ng capital gain under section 48 of the Income Tax Act, full value of consideration is to be construed equivalent to the amount on which Stamp Duty was charged. In other words, for example, full value of consideration in a sale deed is determined at Rs. 100/-, but Stamp Duty Valuation Authorities have charged the same at Rs. 150/-, then, for the purpose of computing capital gain under section 48 o....
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.... deemed gift. Subclause (vii) of section 56(2) would contemplate that if a vendee purchased a property, for example, Rs. 100/- and Stamp Duty Valuation Authority has determined the value of such property at Rs. 150/-, then purchase cost would be deemed equivalent to Rs. 150/- and the difference between both is to be added under the head "deeming gift" in the hands of the purchaser. There are other....