Section 50C not applies to Approved Transfers by Statutory Authorities

Indore Paraspar Grah Nirman Sahakari Sanstha vs. ACIT (ITAT Indore) Section 50C not applies if transfer of capital asset took place as per approval and under the supervision of the statutory authorities and after due process of inviting the public objections in respect of the said transactions. The appeal by the assessee, Indore Paraspar Grah Nirman Sahakari Sanstha, was against the order dated 28.06.2023 of the Commissioner of Income Tax (Appeal), National Faceless Appeal Centre, Delhi for Assessment Year 2009-10. The primary issue revolved around the applicability of Section 50C of the Incom...