2022 (8) TMI 1530 - HC - Income Tax

Applicability of Section 50C - multiplicative factor of 1 applicability to property sold by the appellant assessee - Allowability to packing expenses - HELD THAT - Both parties are permitted to file their short written submissions on the remaining two following questions of law proposed by the Appellant within three weeks. (1) Whether Hon'ble Income Tax Appellate Tribunal was correct in the eyes of law, passing the impugned order, affirming the order of CIT(A) holding that multiplicative factor of 1 is applicable to property sold by the appellant assessee? (2) Whether Hon'ble Income Tax Appellate Tribunal was correct in the eyes of law, passing the impugned order, affirming the order of CIT(A) reducing the disallowance made by AO on account of w.r.t. packing expenses ignoring that the appellant/assessee had no supporting evidence to justify the expenses? List for admission on 18th January, 2023.

Summary

The High Court of Delhi permitted the Appellant to withdraw two questions of law and file written submissions on two remaining questions regarding property sale and packing expenses. The case is listed for admission on 18th January, 2023.