Power to receive documentary evidence upheld; documents referred in complaint may be placed on record without amendment where omission was inadvertent...
Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Section 50C, being a deeming provision, applies only where the capital asset transferred is "land or building or both" and must be strictly construed. The Act elsewhere expressly differentiates transfer of land/building from transfer of "any right" therein; the absence of such language in section 50C shows it does not extend to mere rights or limited interests. On the contemporaneous registered instruments and valuation record, the assessee transferred only a limited, determinable life interest under a trust coupled with an undivided share, not land or building as such; hence the stamp duty valuation could not be substituted under section 50C. The addition sustained under section 50C was deleted. - ITAT
Section 50C, being a deeming provision, applies only where the capital asset transferred is "land or building or both" and must be strictly construed. The Act elsewhere expressly differentiates transfer of land/building from transfer of "any right" therein; the absence of such language in section 50C shows it does not extend to mere rights or limited interests. On the contemporaneous registered instruments and valuation record, the assessee transferred only a limited, determinable life interest under a trust coupled with an undivided share, not land or building as such; hence the stamp duty valuation could not be substituted under section 50C. The addition sustained under section 50C was deleted. - ITAT
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