Distress Sale of Land: ITAT deletes Section 50C addition

Southern Road Carriers Ltd Vs DCIT (ITAT Kolkata) Introduction: In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Kolkata has deleted tax additions made against Southern Road Carriers Ltd. This article breaks down the appeal, the grounds for it, and why the ITAT ruled the way it did. Grounds of Appeal Share Capital Treated as Unexplained Cash Credit: The primary contention was around an addition of Rs. 1,06,74,500 made by the Assessing Officer under Section 68 of the Income Tax Act. The Assessing Officer had treated the share capital received by Southern Road Carriers Ltd as un...