Section 50C provisions cannot be applied for section 69B addition

Gayatri Enterprise Vs ITO (Gujarat High Court)

Provisions of Section 50C of the Income Tax Act cannot be applied for the purpose of making addition under section 69B of the Act. We fail to understand why section 50C of the Act has been brought into play having regard to the facts of the present case. It is settled law that section 50C will apply to the seller of the property and not to the purchaser of the property. However, section 50C of the Act does not seem to have been invoked by the authority below for the purpose of a

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