https://www.taxtmi.com/caselaws?id=215709 The Appellate Tribunal ITAT, Mumbai, dismissed the appeal and favored the appellant in a case involving the valuation of a property for long term capital gain computation. The tribunal accepted the appellant's argument that the application of section 50C of the Income Tax Act, 1961 was not valid in this case, emphasizing the burden of proof on the revenue to establish understatement of consideration. The addition of Rs. 70,57,31,976/- was deleted, and the declared long term capital loss of Rs. 2,21,100/- was accepted, highlighting the lack of concrete evidence supporting the revenue's claims. en-us Fri, 15 Jun 2012 00:00:00 +0530 Wed, 08 Aug 2012 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215709 The Appellate Tribunal ITAT, Mumbai, dismissed the appeal and favored the appellant in a case involving the valuation of a property for long term capital gain computation. The tribunal accepted the appellant's argument that the application of section 50C of the Income Tax Act, 1961 was not valid in this case, emphasizing the burden of proof on the revenue to establish understatement of consideration. The addition of Rs. 70,57,31,976/- was deleted, and the declared long term capital loss of Rs. 2,21,100/- was accepted, highlighting the lack of concrete evidence supporting the revenue's claims. Case-Laws Income Tax Fri, 15 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215709