https://www.taxtmi.com/caselaws?id=245053 The Tribunal upheld the Revenue's appeal, affirming the AO's addition of Rs. 29,46,800 to the Long Term Capital Gains (LTCG) under Section 50C of the Income-tax Act. It emphasized the strict application of Section 50C, disregarding personal hardships or distress sales. The Tribunal clarified that prior decisions cited by the assessee were not applicable in this context. The judgment highlights that the guideline value should prevail over actual sale consideration, leading to the rejection of the assessee's contentions regarding distress sale and pending litigations. en-us Wed, 12 Mar 2014 00:00:00 +0530 Tue, 18 Mar 2014 13:24:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245053 The Tribunal upheld the Revenue's appeal, affirming the AO's addition of Rs. 29,46,800 to the Long Term Capital Gains (LTCG) under Section 50C of the Income-tax Act. It emphasized the strict application of Section 50C, disregarding personal hardships or distress sales. The Tribunal clarified that prior decisions cited by the assessee were not applicable in this context. The judgment highlights that the guideline value should prevail over actual sale consideration, leading to the rejection of the assessee's contentions regarding distress sale and pending litigations. Case-Laws Income Tax Wed, 12 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245053