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Income Tax - Highlights / Catch Notes

Home Highlights February 2023 Year 2023 This

Capital loss on sale of property - addition u/s 50C - Lot of ...

Income Tax

February 17, 2023

Capital loss on sale of property - addition u/s 50C - Lot of emphasis has been laid on interpretation of the word “may” occurring in section 50C(2) of the Act ignoring that the word “may” also be interpreted as “shall” if the context so requires. We are, therefore of the considered view that a fresh look needs to be given to both the issues. - AT

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