Case Law Details
DCIT Vs. Saifee Jubiee High School & Madressa Yusufiyan Society (ITAT Ahmedabad)
This Revenue’s appeal and assessee’s cross objection for assessment year 2010-11 arise against the CIT(A), Gandhinagar’s order dated 22.05.2014, in case no. CIT(A)/GNR/2 12/2013-14, reversing Assessing Officer’s action making long term capital gains addition of Rs. 70,34,635/- by invoking Section 50C of the Act, in proceedings u/s. 143(3) of the Income Tax Act, 1961; in short “the Act”.
Heard both the parties. Case file perused.
2. We advert to rival pleadings first. The Revenue’s sole substantive grievance seeks to revive the Assessing Officer’s impugned action making long term capital gains addition of Rs. 70,34,635/- as deleted in course of lower appellate proceedings. The assessee’s cross objection on the other hand pleads that Section 50C of the Act is not applicable in its case being a charitable trust already assessed under a special provision u/s. 11 of the Act.
3. There is no dispute between the parties about the fact that this assessee is a public trust registered under the Bombay Public Trust Act. It has sold/transferred the capital asset in question bearing survey no. 503 to 510 ad measuring 2447 sq.mtrs. known as “SakinaBaugh” to Sant Rohitdas Charitable Trust, for Rs. 12.50lacs by way of the registered sale deed in question dated 24.02.2010. The Assessing Officer received AIR information that the price in question taken for stamp purposes was Rs. 74,87,400/-. Both the learned counsel at this stage take us to learned CIT(A)’s findings under challenge indicating the following elaborate discussion on the issue as under:
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