2024 (11) TMI 1482

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... The grounds of appeal taken by the assessee are as under:- Your appellant being aggrieved by the order passed by the leamed Ld. Commissioner of Income-tax (Appeals) (herein after referred to as 'Ld. CIT (Appeals). Income tax Department, National Faceless Appeal Centre (NFAC) presents this appeal against the same on the following amongst other grounds: 1. The Ld. CIT (Appeals) has erred in confirming the action of AO invoking the provisions of Section 50C of the Act and making the addition of Rs 44,23,015/-. It is submitted that the provisions of Section 50C(1) are just not attracted in case of Appellant. On facts and circumstances of the case, the addition made and confirmed by lower authorities is completely incorre....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... add, alter and/or to amend all or any of the grounds before the final hearing. 3. The brief facts of the case are that the assessee has sold an immovable property situated at Danteshwar Moje Gam Bopad, RS No. 923, TP Scheme No. 4, Final plot no. 384, 385, Yamuna Co-op. Housing Society Ltd. for a consideration of Rs. 42,00,000/-. The assessee is an individual and has not filed any return of income for the year under consideration. It has been observed that the Stamp Valuation Authority has valued the property at a consideration of Rs. 42,00,000/- thereby attracting the provisions of section 50C of the Income Tax Act, 1961 ("the Act"). 4. We have heard both the parties and perused the material available on record. The undisputable fact....