https://www.taxtmi.com/caselaws?id=180244 The Tribunal ruled in favor of the assessee, concluding that section 50C of the Income Tax Act was not applicable as the income was computed under the head "Profits & Gains under Business or Profession." The decision highlighted the lack of evidence supporting the addition to business income based on the variance between the sale price and stamp valuation. The Tribunal allowed the appeal, overturning previous orders and dismissing the addition to income for the assessment year. en-us Fri, 23 Sep 2011 00:00:00 +0530 Fri, 18 Mar 2016 18:49:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180244 The Tribunal ruled in favor of the assessee, concluding that section 50C of the Income Tax Act was not applicable as the income was computed under the head "Profits & Gains under Business or Profession." The decision highlighted the lack of evidence supporting the addition to business income based on the variance between the sale price and stamp valuation. The Tribunal allowed the appeal, overturning previous orders and dismissing the addition to income for the assessment year. Case-Laws Income Tax Fri, 23 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180244