S. 50C Addition on basis of mere stamp duty valuation without considering market price not justified
Case Law Details
Case Name : Commissioner of Income Tax Delhi-II Vs Khoobsurat Resorts (P.) Ltd. (Delhi High Court)
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HIGH COURT OF DELHI
Commissioner of Income-tax, Delhi-II
Versus
Khoobsurat Resorts (P.) Ltd.
IT Appeal No. 776 of 2011
November 5, 2012
ORDER
S. Ravindra Bhat, J.
By this appeal the Revenue challenges an order of the Income Tax Appellate Tribunal (ITAT) dated 12.11.2010 in ITA 3244/Del/2010. The question of law sought to be urged is the correctness of the impugned order in
(i) upholding the deletion of Rs.12,22,000/-, which had been directed to be added back to the income of the assessee, by the A.O. on account of difference between the circle rate and the purchase pric...
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Prima facie, makes for a well reasoned judicial view, founded on so called ‘common sense’ (in legal terminology – ‘prnciple(s)of natural justice’).