Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 417 - AT - Income TaxApplicability of section 50C of the Act – Deletion made u/s 50C of the Act - Nature of income – Business OR capital gain – Sale of flat – Held that:- The decision for the same assessee in earlier years followed - No addition can be sustained in the case, as neither there is any investigation whatsoever made by the assessing officer nor was any evidence gathered by him - Merely because the market value as per the stamp valuation authorities and the said price are at variance, no addition can be made to the business income - The AO neither found any defects in the books of account nor has rejected the same - provisions of section 50C are not applicable to cases where income is computed under the heads "Profits and Gains under business or Profession" – Decided against Revenue.
|