Section 50C applies only to sellers and not to buyers: ITAT Ahmedabad

Pooja Dipen Joshi Vs ITO (ITAT Ahmedabad) In the case of Pooja Dipen Joshi vs. ITO, the Income Tax Appellate Tribunal (ITAT) Ahmedabad dealt with two appeals from co-owners of a property concerning the application of Section 50C and Section 56(2)(vii)(b) of the Income Tax Act. The appellants, including Pooja Dipen Joshi, had purchased a property where the jantri value (government valuation for stamp duty) was significantly higher than the documented sale value. The Assessing Officer (AO) invoked Section 50C, considering the jantri value for tax computation, and added the difference to the asse...