M/S. AMRAPALI CINEMA,MEERUT vs. ACIT, MEERUT
In the result, the appeal of the assessee is allowed
ITA 282/DEL/2017[2012-13]Status: DisposedITAT Delhi28 Apr 2021AY 2012-13
Bench: Shri G.S. Pannu & Shri Kul Bharatassessment Year : 2012-13 M/S. Amrapali Cinema, Acit, C/O-Sh. Anil Kumar Goel, Vs Circle-I, Income Tax Office, 90, Ram Nagar, Hapur Road, Near Bhainsali Ground, Meerut. Delhi Road, Meerut. Pan-Aabfa7846D Appellant Respondent Appellant By Sh. Sanjiv Sapra, Fca. Respondent By Sh. Ashok Gautam, Sr. Dr Date Of Hearing 01.04.2021 Date Of Pronouncement 28.04.2021
Section 143(3)Section 50C
transfer of immovable property". Section 50C, thus, on a conceptual note, is a provision to address capital gains tax evasion on account of understatement of the consideration.
Of course, the law provides, under section 50C(2), that wherever an assessee claims that the actual market rate is less than the stamp duty valuation, he can have the matter referred
