SUDHIR AGARWAL,J. - (1.) Heard Shri Alok Mathur for the appellant and Shri Mudit Agarwal for respondent.
(2.) This is an appeal under section 260A of Income Tax Act, 1961 (hereinafter referred to as "Act, 1961") arising from judgment and order dated 14.11.2008, passed by Income Tax Appellate Tribunal, Lucknow Bench (hereinafter referred to as 'Tribunal') in I.T.A. No. 227/Luc/2008, relating to Assessment Year (hereinafter referred to as 'A.Y.') 2004-05.
(3.) Appellant has raised following substantial questions of law:- i. Whether Tribunal has erred in law in holding that full value of consideration shall be determined as per Section 45 (3) and under Section 50C of Act, 1961 without appreciating that transfer of land by Assessee, having only 5% share in the firm, is as good as transfer to M/s Sahara India Commercial Corporation Ltd., having a share of 90% in the firm and that such transfer of land to firm is only a colorable device to avoid payment of tax? ii. Whether Tribunal has erred in law in holding that full value of consideration in respect of transfer of land shall be the amount recorded in the books of the firm only as per Section 45 (3) of Act, 1961? (iii) Whether Tribunal has erred in law in holding that provisions of Section 50C of Act, 1961 cannot be invoked if registration of land, transferred, has taken place, and no stamp duty has been paid as in the instant case? iv. Whether Tribunal has erred in law in holding that cost of acquisition in respect of transfer of land of 10,000 Sq.ft. will be cost of acquisition as on 1.4.81 whereas value of land in the books of Assessee was taken as NIL? (emphasis added);