https://www.taxtmi.com/article/detailed?id=2096 The dispute concerns applicability of section 50C where shareholders sold shares in a company that owns immovable property. The Tribunal found section 50C is a deemed provision confined to direct transfers of land or building, requiring strict construction; transfers here were of shares, the property remained vested in the company, and the amendment introducing "assessable" value post-dated the assessment years, so the deeming provision did not apply. en-us Mon, 01 Apr 2013 09:50:27 +0530 Mon, 01 Apr 2013 09:50:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=2096 The dispute concerns applicability of section 50C where shareholders sold shares in a company that owns immovable property. The Tribunal found section 50C is a deemed provision confined to direct transfers of land or building, requiring strict construction; transfers here were of shares, the property remained vested in the company, and the amendment introducing "assessable" value post-dated the assessment years, so the deeming provision did not apply. Articles Income Tax Mon, 01 Apr 2013 09:50:27 +0530 https://www.taxtmi.com/article/detailed?id=2096