Addition u/s 50C r.w.s. 56(2)(vii) (b) - the buyer of the ...

Property Buyers Exempt from Section 50C, Section 56(2)(vii)(b) Dismissed; Appeals Allowed Due to Lack of Show Cause Notice.

May 17, 2024

Case Laws     Income Tax     AT

Addition u/s 50C r.w.s. 56(2)(vii) (b) - the buyer of the property - The Tribunal (ITAT) ruled that since the assesses were buyers, Section 50C did not apply, and Section 56(2)(vii)(b) did not apply as the property was not acquired without consideration. The retrospective application of Section 56(2)(vii)(b) was also rejected. Additionally, the Tribunal found no grounds for addition under Section 69C, as no show cause notice was issued and the initial addition was not sustained. Consequently, the appeals by both assesses were allowed. Additionally, the Tribunal found no grounds for addition under Section 69C, as no show cause notice was issued and the initial addition was not sustained.

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