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Income Tax Appellate Tribunal, “B” BENCH, MUMBAI
Before: SHRI JOGINDER SINGH & SHRI RAMIT KOCHAR
PER RAMIT KOCHAR, Accountant Member These are cross appeals filed by the assessee and the Revenue before the Income-tax Appellate Tribunal, Mumbai (hereinafter called “the tribunal”). Since common issues are involved, these cross appeals are heard together and are disposed of by this common order for the sake of convenience and brevity. These appeals are directed against the appellate order dated 15th February, 2013 passed by learned Commissioner of Income Tax (Appeals)- 29, Mumbai (hereinafter called “the CIT(A)”), for the assessment year 2006-07, the appellate proceedings before the learned CIT(A) arising from the assessment order dated 24th December, 2008 passed by learned Assessing Officer (hereinafter called “the AO”) u/s 143(3) of the Income-tax Act,1961 (hereinafter called “the Act”).
The grounds of appeal raised by the assessee in ITA No. 2525/Mum/2013 for assessment year 2006-07 in the memo of appeal filed with the Income-Tax Appellate Tribunal, Mumbai (hereinafter called “the tribunal”) read as under:-
“1. On the facts and in the circumstances of the case, the learned Commissioner of Income tax (Appeals) erred in holding that provisions of section 50C are applicable on sale/transfer of capital assets being plot No. 749 and 750. The appellant submits that the provisions of section 50C are not applicable as the Agreement for Sale was not registered.
On the facts and in the circumstances of the case, the learned Commissioner of Income tax (Appeals) erred in accepting the Stamp Duty Valuation of Power of Attorney registered with the Sub-