https://www.taxtmi.com/caselaws?id=257672 The Tribunal upheld the CIT(A)'s decision in a tax case, affirming the application of Section 50C of the Income Tax Act to calculate capital gains based on the stamp value of a property. The Tribunal denied the cost of acquisition, improvement, and indexation benefits due to unexplained expenditures under Section 69C. Additionally, the Tribunal enforced the Benami Transactions (Prohibition) Act, 1988, disallowing benefits under Section 48 as the property was purchased benami. The appeal was dismissed, emphasizing the overriding effect of Sections 69C and the Benami Transactions Act, and the lack of sincerity and corroboration in the assessee's claims. en-us Fri, 13 Feb 2015 00:00:00 +0530 Thu, 19 Mar 2015 08:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257672 The Tribunal upheld the CIT(A)'s decision in a tax case, affirming the application of Section 50C of the Income Tax Act to calculate capital gains based on the stamp value of a property. The Tribunal denied the cost of acquisition, improvement, and indexation benefits due to unexplained expenditures under Section 69C. Additionally, the Tribunal enforced the Benami Transactions (Prohibition) Act, 1988, disallowing benefits under Section 48 as the property was purchased benami. The appeal was dismissed, emphasizing the overriding effect of Sections 69C and the Benami Transactions Act, and the lack of sincerity and corroboration in the assessee's claims. Case-Laws Income Tax Fri, 13 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257672