Section 50C Addition Upheld as Seized Cash Confirmed On-Money Receipt

Chaitram Alonkar Vs ITO (ITAT Delhi) ITAT Allows Full Cost of Acquisition as Land Conversion Reduced Saleable Area; Jurisdiction Challenge Rejected as Assessee Participated Without Timely Objection; Section 50C Addition Upheld Because Seized Cash Confirmed On-Money Receipt; ITAT Directs LTCG Recalculation After Finding Cost of Acquisition Wrongly Restricted. The Income Tax Appellate Tribunal (ITAT), Delhi, considered an appeal arising from an assessment completed under Sections 143(3) read with 153A of the Income Tax Act for AY 2017-18. The assessee had filed a return in response to a notice u...