Section 50C Not Applicable to Stock-in-Trade? ITAT Remands for Fresh Verification

Kasimali Mahaboobsab Sayyed Vs ITO (ITAT Bangalore) Section 50C Not Applicable to Stock-in-Trade? ITAT Remands for Fresh Verification In this case, the Bangalore ITAT dealt with a key issue—whether Section 50C can be applied when the assessee is engaged in real estate business and the properties sold are stock-in-trade. The AO had reopened the case based on insight portal data and made an addition of ₹44.81 lakh under Section 50C, being the difference between stamp duty value and actual sale consideration of 18 sites. The assessment was completed ex-parte due to non-compliance by the asses...