https://www.taxtmi.com/caselaws?id=338888 The Tribunal allowed the appeal, ruling that Section 50C of the I.T. Act, 1961, was not applicable to the sale of "Arakshan Patra" as it did not qualify as land or building. Consequently, the addition of Rs. 6,05,980/- for short-term capital gain was deleted. The Tribunal noted the procedural lapse by the Assessing Officer in not referring the valuation to a Valuation Officer, but this issue became secondary due to the primary finding on the inapplicability of Section 50C. The appeal was allowed on 10-02-2017. en-us Fri, 10 Feb 2017 00:00:00 +0530 Mon, 13 Feb 2017 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338888 The Tribunal allowed the appeal, ruling that Section 50C of the I.T. Act, 1961, was not applicable to the sale of "Arakshan Patra" as it did not qualify as land or building. Consequently, the addition of Rs. 6,05,980/- for short-term capital gain was deleted. The Tribunal noted the procedural lapse by the Assessing Officer in not referring the valuation to a Valuation Officer, but this issue became secondary due to the primary finding on the inapplicability of Section 50C. The appeal was allowed on 10-02-2017. Case-Laws Income Tax Fri, 10 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338888