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1 result for “transfer pricing”+ Section 55Aclear

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Key Topics

Section 2636Section 143(3)5Section 50C2

GURBAKSHISH SINGH BATRA,NEW DELHI vs. PR. CIT - 12, NEW DELHI

In the result, the appeal filed by the assessee is allowed

ITA 396/DEL/2021[2016-17]Status: DisposedITAT Delhi31 Mar 2022AY 2016-17

Bench: Shri R.K. Panda & Shri N.K. Choudhryassessment Year: 2016-17 Gurbakshish Singh Batra, Vs Pr.Cit-12, E-1511, Wazir Nagr, New Delhi. Kotla Mubarakpur, New Delhi. Pan: Adspb2480J (Appellant) (Respondent) Assessee By : Shri R.S. Singhvi, Ca Revenue By : Shri Shashi Bhushan Sukla, Cit, Dr Date Of Hearing : 15.02.2022 Date Of Pronouncement : 31.03.2022 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 22Nd March, 2021 Of The Pcit, Delhi-12, Passed U/S 263 Of The It Act For The Assessment Year 2016-17. 2. Facts Of The Case, In Brief, Are That The Assessee Is An Individual & Filed His Return Of Income On 6Th October, 2016 Declaring The Total Income At Rs.44,86,160/-. The Return Was Processed U/S 143(1) Of The It Act. Subsequently, The Case Of The Assessee Was Selected For ‘Limited Scrutiny’ Based On The Following Reasons:-

For Appellant: Shri R.S. Singhvi, CAFor Respondent: Shri Shashi Bhushan Sukla, CIT, DR
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 244A
Section 263
Section 50C

transfer of leasehold rights. 3.2 In any case, this being a case of bonafide sale made in accordance with prevailing market rate, the Pr. CIT, New Delhi was not justified in disputing the sale consideration u/s 50C without appreciating the factual position or making any reference to the Valuation Officer in terms of provisions of section 55A of the Income