Section 50C not applies if Market Value of Property reduced due to Defect in Property Title

Aruna Kommuri Vs ACIT (ITAT Hyderabad) The issue under consideration is whether the provisions of section 50C of the Act can be applied in cases where the market value of the property is reduced due to the defect in the title of the property? ITAT states that, from the submissions made by the Ld. AR it is quite evident that there was some litigation with respect to the property sold by the assessee. This fact is also not disputed by the Ld. Revenue Authorities. It is quite obvious that if the title of the immovable property is defective then the market value of the immovable property will be c...