Section 50C not applies to Business Transactions

ITO Vs Kanubhai M. Patel (ITAT Ahmedabad) Pune Tribunal in the case of Dilip Battu Karanjule v. ITO [2016] 74 taxmann.com 12 (Pune – Trib.) held that where assessee identified land on behalf of existing and known persons and entire money towards purchase of land had been financed by such persons to whom land was ultimately sold within a short span of its acquisition without putting land for agricultural use at any point of time, it was to be held that activities carried out by assessee towards purchase and sale of impugned land was adventure in nature of trade and thus a business activi...