Addition applying provisions of section 50C upheld as SRO rates not objected by assessee

Pavanchandra Chit Funds (P) Ltd. Vs ACIT (ITAT Visakhapatnam) ITAT Visakhapatnam held that addition made by application of provisions of section 50C of the Income Tax Act justifiable since SRO rates rightly adopted in absence of any objection from assessee company. Facts- During the course of assessment proceedings, AO observed that the assessee company had purchased land and thereafter entered into a “Memorandum of Understanding” (MOU) with M/s. Pawan Constructions on 27.11.2010 for development of the landed property. Vide the present appeal, appellant has mainly contested that is not ju...