2025 (12) TMI 604

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....o the additional ground raised vide letter dated 22.09.2025 and submits that the issue of questioning the reopening as legal ground can be raised at any stage of proceedings in terms of the judgement of Hon'ble Supreme Court in the case of NTPC. He submits that the additional raised challenging action of the Assessing Officer in reopening the assessment by recording that the income escaped under section 50C of the Income Tax Act, 1961 ["Act" in short] and no addition made therein under section 50C of the Act. He submits that the Assessing Officer recorded reasons that the assessee had sold immovable properties for a value of Rs.. 38,61,600/- as against the guideline value of Rs.. 1,28,69,000/-, which is more than the sale consideration. He ....

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....IT reported in 409 ITR 369 (Mad) in arriving the above said conclusion. He submits since no addition made under section 50C of the Act as per the reasons recorded for reopening and the reassessment made is invalid and prayed to allow the additional ground. 3. The ld. DR Ms. M. Subhashri, Addl. CIT submits that there is no difference between provisions under section 50C and 43CA of the Act. She submits that the above said two provisions refer to income from capital gains and business income. She submits that though it was reopened for the purpose of 50C of the Act, the addition made under section 43CA of the Act on account of sale consideration and drew our attention to the computation made by the Assessing Officer. She argued vehemently ....

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....ty of the State Government is assessable under the head "income from capital gains". Further, the provision under section 43CA of the Act is a special provision for full value of consideration for transfer of assets other than capital assets in certain cases with reference to where the consideration received or accruing as a result of the transfer by an assessee of an asset other than capital asset being land or building or both is less than the value adopted/assessed by any authority of the State Government is assessable under income from "Profits and Gains from business or profession". Therefore, the argument of the ld. DR is not acceptable in contending that there is no difference between the provisions under section 50C and 43CA of the ....