No Real Transfer, No Automatic U/s 50C Tax on Property Transaction

Kovvur Chandrashekhar Vs DCIT (ITAT Bangalore) 50C Can’t Tax a Gift-by-Mistake — Bangalore ITAT Remands Case Where “Sale Deed” Was Later Cancelled as Erroneous Documentation The Bangalore ITAT (A Bench) allowed the appeal of the Assessee for statistical purposes & remanded the matter to the AO for de novo adjudication, holding that the issue of applicability of Section 50C requires fresh examination where the Assessee claims that the registered sale deed was erroneously executed instead of a gift deed & was subsequently cancelled by mutual consent. The Assessee, proprietor of M...