https://www.taxtmi.com/caselaws?id=256248 Section 50C was held inapplicable to the sale of a shop where the assessee had offered the transaction as business income and the factual record showed that tax under the capital gains scheme would have been lower; the addition based only on stamp duty valuation was therefore deleted. Interest disallowance was also rejected because the assessee's interest-free reserves and accumulated profits were sufficient to cover the advances made for non-business purposes, giving rise to the presumption that those advances came from own funds rather than borrowed funds. On both issues, the appellate deletion was sustained in favour of the assessee. en-us Mon, 29 Dec 2014 00:00:00 +0530 Sat, 07 Feb 2015 11:02:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256248 Section 50C was held inapplicable to the sale of a shop where the assessee had offered the transaction as business income and the factual record showed that tax under the capital gains scheme would have been lower; the addition based only on stamp duty valuation was therefore deleted. Interest disallowance was also rejected because the assessee's interest-free reserves and accumulated profits were sufficient to cover the advances made for non-business purposes, giving rise to the presumption that those advances came from own funds rather than borrowed funds. On both issues, the appellate deletion was sustained in favour of the assessee. Case-Laws Income Tax Mon, 29 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256248