https://www.taxtmi.com/caselaws?id=349017 The tribunal dismissed the Revenue's appeal, upholding the decision to delete the addition of capital gains made by the AO. It found that section 50C of the Income Tax Act was not applicable to the transfer of shares of a company without evidence of stamp duty paid. Additionally, the tribunal rejected the AO's assessment based on fair market value using circle rates as it was not permissible under the law for that assessment year. The tribunal's decision was based on the inapplicability of section 50C and the correct assessment of capital gains. en-us Fri, 29 Sep 2017 00:00:00 +0530 Thu, 05 Oct 2017 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349017 The tribunal dismissed the Revenue's appeal, upholding the decision to delete the addition of capital gains made by the AO. It found that section 50C of the Income Tax Act was not applicable to the transfer of shares of a company without evidence of stamp duty paid. Additionally, the tribunal rejected the AO's assessment based on fair market value using circle rates as it was not permissible under the law for that assessment year. The tribunal's decision was based on the inapplicability of section 50C and the correct assessment of capital gains. Case-Laws Income Tax Fri, 29 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349017