S. RAVINDRA BHAT, J.

1. This appeal by the assessee - a Hindu Undivided Family (HUF), questions an order of the Income Tax Appellate Tribunal (ITAT) which allowed the revenue’s appeal.

2. The facts of the case are that the assessing officer (AO) added Rs. 40,40,000/- under Section 50C of the Income-tax Act, 1961 [hereafter ‘the Act’ for short]. The assessee had for the relevant assessment year (AY) filed its return declaring an income of Rs. 9,35,010/- including long term capital gain of Rs. 7,57,435/-. Later, a notice under Section 148 of the Act was issued to the assessee on 21.03.2016. During assessment proceedings, the assessee was asked to explain as to why Section 50C of the Act be not invoked with respect to the consideration received on sale of agricultural land as assessed by the authorities for the purpose of stamp duty. The assessee sold its rights in the agricultural land measuring 0.64 hectares in Village-Tulera, Tehsil & Distt. Alwar, Rajasthan on 31.03.2009 for Rs. 30 lakhs. According to the AO, the value of land for the purpose of stamp duty was Rs. 70,40,000/-. The assessee claimed possession and occupation of the lands only as a tiller/Kashtkar and not as