https://www.taxtmi.com/caselaws?id=221699 The Commissioner of Income Tax (Appeals) ruled in favor of the assessee, finding that the addition of undisclosed profit by the Assessing Officer based on guideline values for stamp duty was unjustified. It was held that section 50C of the Act does not apply to business profits, emphasizing the need for specific evidence in income tax proceedings. The use of Circle Rates to determine the addition was rejected, with the Commissioner accepting the assessee's evidence of fair market value through comparative sale instances. The Tribunal upheld the decision, dismissing the Revenue's appeal. en-us Fri, 15 Feb 2013 00:00:00 +0530 Wed, 20 Mar 2013 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221699 The Commissioner of Income Tax (Appeals) ruled in favor of the assessee, finding that the addition of undisclosed profit by the Assessing Officer based on guideline values for stamp duty was unjustified. It was held that section 50C of the Act does not apply to business profits, emphasizing the need for specific evidence in income tax proceedings. The use of Circle Rates to determine the addition was rejected, with the Commissioner accepting the assessee's evidence of fair market value through comparative sale instances. The Tribunal upheld the decision, dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 15 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221699