Sec. 50C not applicable to transfer of shares or indirect transfer of immovable property through share transfer

IN THE ITAT MUMBAI BENCH ‘I’ Irfan Abdul Kader Fazlani Versus Assistant Commissioner of Income-tax IT APPEAL NOS. 8831, 8832, 8835, 8836, 8850 & 8851 (MUM.) OF 2011 [ASSESSMENT YEARS 2007- 08 & 2008-09] JANUARY 2, 2013 ORDER 1. There are six appeals under consideration involving three assessees namely Shri Irfan Abdul Kader Fazlani, Iqbal Abdhul Kader Fazlani and Shri Imran Yunus Fazlani. Considering the commonness in the grounds raised in all the appeals of the assessees, they are being clubbed and adjudicated in this composite order. For the sake of conve...