a) Assessee purchased a property for a consideration of Rs. 48 lakhs. The Assessing Officer (AO) observed that the stamp duty value of such property was much higher than the consideration declared by the assessee.
b) AO treated stamp duty value as fair market value of such property as per section 50C and, accordingly, made addition under section 69B by treating the differential amount as unexplained investment.
c) CIT(A) set aside the order of AO by holding that section 50C applies only to seller of property and not to buyer of property.
d) Aggrieved by the order of CIT(A), assessee filed the instant appeal before the tribunal.