Case Law Details
Case Name : ITO Vs. Harley Street Pharmaceuticals Ltd. (ITAT Ahemdabad)
Related Assessment Year :
Courts :
All ITAT ITAT Ahmedabad
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Section 50C applicable only for computation of capital gains in real estate transaction in respect to seller only and not to purchaser
CASE LAWS DETAILS
DECIDED BY: ITAT, AHMEDABAD BENCH `B’ AHMEDABAD,
IN THE CASE OF: ITO Vs. Harley Street Pharmaceuticals Ltd., APPEAL NO: ITA No. 2492/Ahd/2007, DECIDED ON March 16, 2010
RELEVANT PARAGRAPH
4. We have heard the rival contentions and gone through the facts and circumstances of the case. We have also perused the case records including the assessment order as well as the order of CIT(A). Now the only issue in this appeal of the Revenue is th...
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thanks a lot taxguru…it has been like putting in life into a dead man…i just have a case on hand and the income tax officer is of the opinion that this section applies to both….seller as well as purchaser…my client in this case is a purchaser…hence a perfect case law for me and my client…regards and god bless…v.r.shah
thanks for this judgement. Its good one. Section 50C should be applicable to sellers only. Section 50C creates only a deeming fiction as regard to the sale consideration of an immovable capital asset in the hand of seller only. Its scope cannot be extended to the purchaser. The point is clear now. Thanks to this judgement and Taxguru for making this judgement available.