https://www.taxtmi.com/caselaws?id=340810 The Tribunal upheld the decision that the land at Khasra No. 230 belonged to the firm, not the individual assessee. The execution of the sale deed by the power of attorney holder did not amount to a transfer by the assessee. Section 50C was deemed inapplicable, and any capital gains liability was to be assessed under Section 45(3) in FY 2006-07. The matter under Section 45(4) was to be reviewed by the AO with jurisdiction over the firm. The Revenue's appeal was dismissed accordingly. en-us Fri, 10 Mar 2017 00:00:00 +0530 Tue, 28 Mar 2017 06:47:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340810 The Tribunal upheld the decision that the land at Khasra No. 230 belonged to the firm, not the individual assessee. The execution of the sale deed by the power of attorney holder did not amount to a transfer by the assessee. Section 50C was deemed inapplicable, and any capital gains liability was to be assessed under Section 45(3) in FY 2006-07. The matter under Section 45(4) was to be reviewed by the AO with jurisdiction over the firm. The Revenue's appeal was dismissed accordingly. Case-Laws Income Tax Fri, 10 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340810