This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Section 50C Not Applicable to Stock-in-Trade? ITAT Remands for Fresh Verification
Case Law Details
- Case Name
- Kasimali Mahaboobsab Sayyed Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Bangalore
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
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-compli...
Author Info
