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Income Tax Appellate Tribunal, : RANCHI BENCH, RANCHI
Before: SHRI S.S.GODARA
Date of hearing 03.03.2020 Date of pronouncement 03.03.2020 O R D E R S. S. Godara(Oral): This assessee’s appeal for assessment year 2013-14 arises against the Commissioner of Income Tax (Appeals), Jamshedpur dated 30.08.2018 passed in case no.530/JSR/2017-18 involving proceedings u/s 143(3) of the Income Tax Act, 1961 (in short ‘the Act’). Heard both the parties. Case file perused.
It transpires at the outset with the able assistance of learned departmental representative that both the lower authorities have invoked section 50C of the Act for adding long-term capital gains amounting to Rs.3.80 crores in assessee’s hands. There is no dispute that the actual sale price of the capital asset(s) sold is Rs.2,06,64,000/- as against stamp price of Rs.3,09,09,600/-; respectively. I do not find any reference u/s 50C(2) of the Act to have been made either by the Assessing Officer or the CIT(A). Hon’ble Calcutta high court’s decision in CIT vs. Sunil Kr. Agarwal vs. CIT (2014) 372 ITR 83(Cal) holds that such a reference is very much mandatory even if the taxpayer does not raise any plea to this effect. I therefore deem it appropriate to restore the assessee’s foregoing sole grievance back to the Assessing Officer for afresh adjudication. It shall be very much open for the assessee
Baneswar Tudu to plead his before the Assessing Officer for factual and legal verification including application of section 50C in the given facts and circumstances of the case.
This assessee’s appeal is allowed for statistical purposes.
Order is pronounced in the open court on 03.03.2020.