https://www.taxtmi.com/caselaws?id=326391 Section 50C could not be conclusively applied to the land transfer because the assessee claimed the land was forest land and that only a right to compensation had passed, but that factual basis had not been properly examined by the lower authorities; the Tribunal therefore restored the issue to the Assessing Officer for fresh adjudication after giving the assessee an opportunity. The computation of short-term capital gain on sale of the shed was also found to rest on an incomplete factual record, as the material on cost and sale had not been properly appreciated; that issue too was remanded for reconsideration. No final merits determination was made on either capital gains issue. en-us Fri, 04 Mar 2016 00:00:00 +0530 Thu, 14 Apr 2016 10:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326391 Section 50C could not be conclusively applied to the land transfer because the assessee claimed the land was forest land and that only a right to compensation had passed, but that factual basis had not been properly examined by the lower authorities; the Tribunal therefore restored the issue to the Assessing Officer for fresh adjudication after giving the assessee an opportunity. The computation of short-term capital gain on sale of the shed was also found to rest on an incomplete factual record, as the material on cost and sale had not been properly appreciated; that issue too was remanded for reconsideration. No final merits determination was made on either capital gains issue. Case-Laws Income Tax Fri, 04 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326391