INCOME TAX ACT, 1961

--Capital gains--Full value of consideration under section 50C Assessing officer applied provisions on purchaser of property under section 69B--Held: Section 50C is a deeming provision where under the stamp duty rate is treated as full value of consideration for the purpose of computing capital gain under section 48. It is applicable in the case of seller of a seller of property and, therefore, cannot be invoked in case of purchaser of property for the purpose of section 69B.

Income Tax Act, 1961 Section 50c

Income Tax Act, 1961 Section 69B

INCOME TAX ACT, 1961

--Income from undisclosed sources--Addition under section 69BUnexplained investments--Assessee had purchased an agricultural land. Assessing officer noted that the purchase price shown by assessee was quite low as compared to the prevailing market price of land, therefore, he stimulated the purchase price after taking into consideration the prevailing jantry price and the auction price of Surat Urban Development Authority (SUDO) and made addition of undisclosed investment to the income of assessee. Held: ,/i>Was not justified as assessing officer had failed to bring on record any material to support the rates estimated by him. Moreso, Commissioner (Appeals) had also given a finding that the assessing officer had not made any independent enquiry or collected corroborative evidence to justify his addition.

Income Tax Act, 1961 Section 69B

Income Tax Act, 1961 Section 50C

In The Itat, Ahmedabad Bench

Mukul Kr. Shrawat, J.m. & Anil Chaturvedi, A.m.

Dy. CIT v. Vallabbhai Purshottambhai Surani

ITA No. 369 (Ahd.) of 2010

A.Y. 2006-07

7 September, 2012

Appellant by : B. L. Yadav for the