Deeming fiction of section 50C doesn’t apply in case of purchaser

ACIT Vs Sanjeev Agrawal (ITAT Indore) ITAT Indore held that the deeming fiction created in section 50C cannot be extended to the provision of section 69 or 69B or any other of the Act in the case of purchaser to make the purchaser liable for tax. Facts- A.O. has made addition only on the strength of copy of registered sale deed executed by Shri Amit Kumar Patni in favour of partnership firm M/s. Shiva Reality wherein the assessee was also a partner. AO noted that the assessee purchase land of 0.67 hectare situated at gram Samardha Kaliyasot on 07.09.2011, showing consideration of Rs. 35 lakh t...