Case Law Details
Case Name : Rajkumari Gupta Vs ITO (ITAT Jaipur)
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
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