Sec.50C applicable for computation of capital gains in real estate transaction in respect of seller only

IN THE ITAT AHMEDABAD BENCH Deputy Commissioner of Income-tax Versus Vallabhbhai IT APPEAL NO. 369 (AHD.) OF 2010 [ASSESSMENT YEAR 2006-07] SEPTEMBER 7, 2012 ORDER Anil Chaturvedi, Accountant Member The Revenue filed appeal against the order of Ld. CIT(A)-V, Surat dated 30-10-2009 for the assessment year 2006-07. 2. The assessee is an Individual engaged in the business of diamond manufacturing and its import and export. The assessee filed his return of income on 15-3-2007 declaring total income of Rs. 1,45,04,110/-. The case was taken up for scrutiny. During the course of asse...