Section 50C Applies to Land Transfers, Not Land Rights: Karnataka HC

V.S. Chandrashekar Vs ACIT (Karnataka High Court)

Karnataka High Court adjudicated the appeal filed by V.S. Chandrashekar under Section 260A of the Income Tax Act, 1961, concerning the assessment year 2010-11. The primary legal questions involved the classification of land as an investment or stock-in-trade, the applicability of Section 50C, and whether the loss from the sale should be considered a business loss or a capital loss. The case stemmed from a survey under Section 133A, after which the Assessing Officer (AO) made additions to the total income. The Commissioner of Income

Please become a Premium member. If you are already a Premium member, login here to access the full content.