Facts
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.
