[aaykarbhavan] Merely applicability of sec 50C will not prove escapement of Income : Agra Itat [1 Attachment]

Hon'ble Agra Itat in its recent decision (copy enclosed) has held that re-assessment proceedings can't be initiated  to invoke sec 50C by stating  as under
"All material evidences were available at the stage of original
assessment proceedings and the AO merely following the provisions of section
50C, as was not considered in the original assessment proceedings, reopened the
assessment order. The assessee has disclosed all the facts which were known all
along to the Revenue. Section 50C is not final determination to prove that it is a
case of escapement of income. The report of approved valuer may give estimated
figure on the basis of facts of each case. Therefore, on mere applicability of section
50C would not disclose any escapement of income in the facts and circumstances
of the case

"

Regards

Prarthana Jalan

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