https://www.taxtmi.com/caselaws?id=193730 Section 50C could not be invoked to assess capital gains in the hands of a person who executed the sale deed only as power of attorney holder for the original landowners, because he was neither the owner nor deemed owner of the land and had no independent capital asset transferred in his own right. The capital gains addition was therefore deleted. The disallowance of business expenses was sustained because the assessee failed to produce supporting evidence showing that the expenditure was incurred wholly and exclusively for business purposes. The appeal succeeded only in part, with relief confined to the capital gains issue. en-us Mon, 27 May 2013 00:00:00 +0530 Thu, 17 Aug 2017 16:58:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193730 Section 50C could not be invoked to assess capital gains in the hands of a person who executed the sale deed only as power of attorney holder for the original landowners, because he was neither the owner nor deemed owner of the land and had no independent capital asset transferred in his own right. The capital gains addition was therefore deleted. The disallowance of business expenses was sustained because the assessee failed to produce supporting evidence showing that the expenditure was incurred wholly and exclusively for business purposes. The appeal succeeded only in part, with relief confined to the capital gains issue. Case-Laws Income Tax Mon, 27 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193730