Delhi ITAT Holds Sec.50C Inapplicable to Buyer; Repayment of Loans Quells Sec.68 Doubts—Additions Deleted

Delight Propcon Private Limited Vs ACIT (ITAT Delhi) Delhi ITAT Holds Sec.50C Inapplicable to Buyer; Repayment of Loans Quells Sec.68 Doubts—Additions Deleted Assessee, a real-estate company, filed return declaring Rs.76,562/-. The case was reopened u/s 147 on the premise that the transaction value of properties purchased was lower than circle rate. AO treated the difference as taxable u/s 50C & further made additions of Rs.30.50 crore u/s 68 towards loans & Rs.12.70 crore u/s 69 towards unexplained investment. CIT(A) upheld the additions. Before Tribunal, Assessee contended that Sec...