(Per : HONOURABLE MR.JUSTICE AKIL KURESHI) Revenue has filed this appeal challenging judgement of the Tribunal dated 1.4.2010 raising following question for our consideration:
(A) Whether on the facts of the case and in law and in the circumstances, the Appellate Tribunal was right in law and on facts in allowing the appeal of the assessee by holding that the provisions of section 50C would not be applied in the case of purchaser for making addition u/s.69B of the Act as held by the first Appellate Authority and deletign the addition of Rs.9,22,650/-?
(B) Whether on the facts of the case and in law and in the circumstances, the Appellate Tribunal was right in law and on facts in allowing the appeal of the assessee by holding that the provisions of section 50C would not be applied in the case of purchaser for making addition u/s.69B of the Act as held by the first Appellate Authority and deleting the addition of Rs.92,265/- being the amount of additional stamp duty paid by the assessee?
Issue pertains to addition of Rs.9.22 lakhs made by the Assessing Officer under Section 69B of the Act pertaining to the purchase of the property by the assessee. The Assessing Officer had taken recourse to Section 50C of the Act and made the additions.
Counsel for the respondent pointed out that under similar circumstances, this Court in Tax Appeal No.2296/2009 in case of Commissioner of Income tax v. Vishal Sushilkumar Poddar vide order dated 22.6.2011 found that Revenue cannot have recourse to Section 50C of the Act in case of purchaser's property.
Question being similar, this Tax Appeal is also not entertained.
(Akil Kureshi,J.) (Ms.
Sonia Gokani,J.) (raghu) Top