Capital gain - Additions made u/s 50C - by no stretch of ...

Section 50C Additions Require Evidence: Fair Market Value Must Be Verified, Not Based on Unrelated Case Findings.

May 1, 2021

Case Laws Income Tax AT

Capital gain - Additions made u/s 50C - by no stretch of imagination, without making any sport physical verification, two piece of land can be compared to work out the fair market value. The assessing officer has simply borrowed the finding of CIT(A)-IV, Surat, without seeing its relevance or reference and applied the fair market value on the assessee’s land. No addition under section 50C can be made in absence of any evidence. - AT

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Capital gain - Additions made u/s 50C - by no stretch of ...

Section 50C Additions Require Evidence: Fair Market Value Must Be Verified, Not Based on Unrelated Case Findings.

May 1, 2021

Case Laws Income Tax AT

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