Section 50C Adjustment Barred at Return Processing Stage: ITAT Delhi

CK International Pvt. Ltd. Vs ITO (ITAT Delhi) Section 50C Adjustment Beyond Scope of 143(1): ITAT Deletes CPC Addition Made at Return Processing Stage The Delhi Bench “C” of the ITAT, in CK International Pvt. Ltd. v. ITO (AY 2019-20), allowed the assessee’s appeal and held that adjustment under section 50C cannot be made while processing the return under section 143(1). The assessee had sold an industrial property and declared capital gains based on actual sale consideration. While processing the return under section 143(1), the CPC made a massive adjustment by adopting stamp duty value...