Section 50C: Sale value approved by Charity Commissioner had to be followed in case of Trust’s Sale Deed

DCIT Vs. Saifee Jubiee High School & Madressa Yusufiyan Society (ITAT Ahmedabad) This Revenue’s appeal and assessee’s cross objection for assessment year 2010-11 arise against the CIT(A), Gandhinagar’s order dated 22.05.2014, in case no. CIT(A)/GNR/2 12/2013-14, reversing Assessing Officer’s action making long term capital gains addition of Rs. 70,34,635/- by invoking Section 50C of the Act, in proceedings u/s. 143(3) of the Income Tax Act, 1961; in short “the Act”. Heard both the parties. Case file perused. 2. We advert to rival pleadings first. The Revenue’s sole substant...