No Change of Opinion if facts related to deemed consideration U/s. 50C been overlooked

Rakesh Ambalal Patel Vs ITO (ITAT Ahmedabad) We have perused the assessment order and the order of the CIT(A) as well as the materials placed on record and referred to in terms of Rule 18(6) of the Income Tax (Appellate Tribunal) Rules, 1963. On perusal, we observe that at the time of original assessment proceedings, what was at the command of the AO was a sale deed executed by the seller assessee showing an agreed sale consideration of Rs.8Lakhs accruing to assessee on sale of property in question. It is claimed on behalf of the assessee that receipt issued by the registering authority showin...