Section 50C not apply to property purchased/ sold as business property

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...