No concealment of income by the assessee if addition is merely based on deeming provision of sec 50C
Case Law Details
Case Name : Smt. Tarabai Kotumal Vs ACIT (ITAT Mumbai)
Related Assessment Year : 2004-05
Courts :
All ITAT ITAT Mumbai
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Brief fact of the case
The Assessee sold immovable property for a sale consideration of Rs.13,70,000/-. The stamp duty valuation price was Rs.17,90,085/-. Accordingly AO invoking the provision of section 50C made addition on account of short-term capital gain. The assessee objected to the applicability of section 50C on the ground that the property in question was a business asset. In the quantum appeal, the ld. CIT(A) dismissed the appeal of the assessee and issue of addition of short term capital gain atta
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Very useful article