https://www.taxtmi.com/caselaws?id=151639 The case involved a dispute over the applicability of section 50C of the Income-tax Act to a purchaser. The Assessing Officer contended that the assessee undervalued the property, resulting in an income addition. However, the Tribunal ruled in favor of the assessee, holding that section 50C does not apply to purchasers. Additionally, the Tribunal found no factual basis for the valuation discrepancies and deleted the additions made by the authorities. Ultimately, the Tribunal upheld the decision to delete the addition, dismissing both the Departmental appeal and the cross-objection of the assessee. en-us Fri, 11 Jun 2010 00:00:00 +0530 Tue, 04 Aug 2026 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151639 The case involved a dispute over the applicability of section 50C of the Income-tax Act to a purchaser. The Assessing Officer contended that the assessee undervalued the property, resulting in an income addition. However, the Tribunal ruled in favor of the assessee, holding that section 50C does not apply to purchasers. Additionally, the Tribunal found no factual basis for the valuation discrepancies and deleted the additions made by the authorities. Ultimately, the Tribunal upheld the decision to delete the addition, dismissing both the Departmental appeal and the cross-objection of the assessee. Case-Laws Income Tax Fri, 11 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151639