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Section 50C not apply to property purchased/ sold as business property
Case Law Details
- Case Name
- Rajkumari Gupta Vs ITO (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Jaipur
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Rajkumari Gupta Vs ITO (ITAT Jaipur)
ITAT Jaipur held that provisions of section 50C of the Income Tax Act is not applicable because the immovable property was purchased/ sold as business property. Further, profit earned was duly reflected in the return of income. Accordingly, demand set aside.
Facts- During assessment proceedings, it was noticed that the assessee had sold an immoveable property for a consideration of Rs. 16,50,000/- which was valued at Rs. 20,97,780/- by the stamp valuation authority. AO was of the view that the assessee had not declared relevant capital gain. Therefore, afte...
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