Section 50C does not Apply to Land treated as Stock-in-Trade

Amar Das Vs ITO (ITAT Kolkata) Admittedly the provisions of section 50C are applicable only for capital assets and not for assets held as stock-in-trade. We find that the legislature in its wisdom had introduced a separate provision to adopt the stamp value in respect of assets other than capital assets by introducing section 43CA of the Act in line with provision of section 50C of the Act. But we find that the provisions of section 43CA has been introduced in the Statute by Finance Act, 2013 w.e.f 01.04.2014 meaning thereby, the same is applicable only for assessment year 2014-15 and not ear...