https://www.taxtmi.com/caselaws?id=245041 The Tribunal dismissed the Revenue's appeal against the correction of the assessment year to 2009-10 and the addition of Long Term Capital Gain. The CIT(A) deleted the Long Term Capital Gain addition, citing that Section 50C did not apply as properties were transferred through Power of Attorney, not Registered Sale Deeds. The Tribunal found the Revenue lacked evidence or reasoning for adopting the Circle rate, leading to the dismissal of their appeal. Emphasizing the importance of providing justification in assessment orders, the decision upheld the deletion of the Long Term Capital Gain addition, highlighting the necessity for thorough documentation in tax assessments. en-us Tue, 11 Mar 2014 00:00:00 +0530 Tue, 18 Mar 2014 12:35:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245041 The Tribunal dismissed the Revenue's appeal against the correction of the assessment year to 2009-10 and the addition of Long Term Capital Gain. The CIT(A) deleted the Long Term Capital Gain addition, citing that Section 50C did not apply as properties were transferred through Power of Attorney, not Registered Sale Deeds. The Tribunal found the Revenue lacked evidence or reasoning for adopting the Circle rate, leading to the dismissal of their appeal. Emphasizing the importance of providing justification in assessment orders, the decision upheld the deletion of the Long Term Capital Gain addition, highlighting the necessity for thorough documentation in tax assessments. Case-Laws Income Tax Tue, 11 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245041