https://www.taxtmi.com/caselaws?id=169137 The Tribunal allowed the appeal, highlighting the incorrect application of section 50C for business income assessment and rejecting the notion that business transactions cannot occur between spouses. The judgment clarified the distinct tax treatment of transactions between family members, instructing the correct computation of business income based on the declared sale value. The lower authorities' decisions were set aside, directing the Assessing Officer to accept the declared sale value for computing business income for the assessment year 2009-10. en-us Mon, 02 Jun 2014 00:00:00 +0530 Mon, 06 Apr 2015 21:56:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169137 The Tribunal allowed the appeal, highlighting the incorrect application of section 50C for business income assessment and rejecting the notion that business transactions cannot occur between spouses. The judgment clarified the distinct tax treatment of transactions between family members, instructing the correct computation of business income based on the declared sale value. The lower authorities' decisions were set aside, directing the Assessing Officer to accept the declared sale value for computing business income for the assessment year 2009-10. Case-Laws Income Tax Mon, 02 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169137