https://www.taxtmi.com/caselaws?id=346277 The ITAT Mumbai ruled in favor of the assessee in a case concerning the addition of &8377; 16,88,010 under section 50C of the IT Act for A.Y. 2012-13. The tribunal held that the transfer of property occurred in 2011 when the agreement was executed and consideration was received, despite registration in 2012. By considering legal precedents and evidence of full consideration received in 2011, the ITAT determined the market value for section 50C purposes should be &8377; 22,00,000, aligning with the agreement value. Therefore, no additions were warranted, and the appeal was allowed. en-us Wed, 26 Apr 2017 00:00:00 +0530 Tue, 08 Aug 2017 08:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346277 The ITAT Mumbai ruled in favor of the assessee in a case concerning the addition of &8377; 16,88,010 under section 50C of the IT Act for A.Y. 2012-13. The tribunal held that the transfer of property occurred in 2011 when the agreement was executed and consideration was received, despite registration in 2012. By considering legal precedents and evidence of full consideration received in 2011, the ITAT determined the market value for section 50C purposes should be &8377; 22,00,000, aligning with the agreement value. Therefore, no additions were warranted, and the appeal was allowed. Case-Laws Income Tax Wed, 26 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346277