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Case Law Details

Case Name : Gulf Oil Corporation Ltd. Vs ACIT (ITAT Hyderabad)
Related Assessment Year : 2005-06
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Brief of the Case

ITAT Hyderabad held in the case of Gulf Oil Corporation Ltd. vs. ACIT that section 50C will get attracted only when there exists difference on the sale consideration and assessed value for the purpose of stamp duty by the authority of a state government. Where there is no material evidence that the assessee had received more than the fixed component from the developer, the value agreed to be exchanged for transfer of land was determined on the basis of development agreement, it becomes

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