https://www.taxtmi.com/caselaws?id=346898 Section 50C was held inapplicable to valuation of flats treated as stock-in-trade, since it operates only for computation of "capital gains" under Chapter IV-E read with s.48; for business assets, stamp-duty substitution was legislatively introduced later via s.43CA (w.e.f. 1 April 2014). Consequently, deletion of addition for alleged suppression of sale consideration was upheld. Section 56(2)(vii)(b)(ii) was held inapplicable as it taxes only an individual/HUF transferee and not the seller; the Tribunal's view was affirmed. On closing stock, area contractually required to be handed over free to a statutory authority was treated as never belonging to the assessee for stock valuation; its cost reduced closing stock, and the Tribunal's factual view was sustained. en-us Tue, 28 Feb 2017 00:00:00 +0530 Fri, 02 Jan 2026 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346898 Section 50C was held inapplicable to valuation of flats treated as stock-in-trade, since it operates only for computation of "capital gains" under Chapter IV-E read with s.48; for business assets, stamp-duty substitution was legislatively introduced later via s.43CA (w.e.f. 1 April 2014). Consequently, deletion of addition for alleged suppression of sale consideration was upheld. Section 56(2)(vii)(b)(ii) was held inapplicable as it taxes only an individual/HUF transferee and not the seller; the Tribunal's view was affirmed. On closing stock, area contractually required to be handed over free to a statutory authority was treated as never belonging to the assessee for stock valuation; its cost reduced closing stock, and the Tribunal's factual view was sustained. Case-Laws Income Tax Tue, 28 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346898