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Facts
The assessee's appeal for AY 2012-13 arose from an order related to proceedings u/s 147 r.w.s. 143(3) of the Income Tax Act, 1961. The assessee did not appear for the hearing and was proceeded ex-parte. The Revenue argued that short-term capital gains were correctly computed.
Held
The tribunal found no merit in the Revenue's contentions, stating that Section 50C applies only when the actual sale price is less than the stamp valuation. In this case, the assessee sold the asset at stamp price, and there was no other sale consideration. The addition of short-term capital gains was deleted.
Key Issues
Whether Section 50C of the Income Tax Act is applicable when the sale consideration is equal to the stamp valuation and there is no other sale consideration involved.
Sections Cited
147, 143(3), 50C
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Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
Asstt. Year : 2012-13 Indira Bhatt, Vs Income Tax Officer, 505, Satpura Apartment, Ward-2(1)(2), Kaushambhi, Ghaziabad-201010 Ghaziabad-201002 (APPELLANT) (RESPONDENT) PAN No. AIXPB3201D Assessee by: None Revenue by : Sh. Manoj Kumar, Sr. DR Date of Hearing: 23.09.2025 Date of Pronouncement: 23.09.2025 ORDER This assessee’s appeal for Assessment Year 2012-13, arises against the CIT(A)/NFAC, Delhi’s DIN & order No. ITBA/NFAC/S/250/2025-26/1077045664(1) dated 15.06.2025, in proceedings u/s 147 r.w.s. 143(3) of the Income Tax Act, 1961 (in short “the Act”).
Case called twice. None appears at the assessee’s behest. She is accordingly proceeded ex-parte.
Learned departmental representative vehemently argues during the course of hearing that both the learned lower authorities have rightly computed short term capital gains of Rs.35,02,782/- in the assessee’s case after invoking section 50C of the Act involving sale consideration of Rs.42,10,000/-,
The tribunal hereby finds no merit in the Revenue’s foregoing vehement contentions. This is for the precise reason that section 50C of the Act comes into play only in case there arises a difference between the actual sale price which is found to be less than the stamp valuation of the corresponding capital asset(s). It is hereby reiterated that the assessee had sold/transferred her capital assets as per the stamp price only wherein there is no other sale consideration forthcoming in the case herein. I accordingly accept the assessee’s instant sole substantive ground to delete the impugned short term capital gains addition in very terms.