S. 50C Bonafide transaction without alleged higher receipt not covered

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 the final sale consideration unless contrary is produced by the revenue. In the present cas...