https://www.taxtmi.com/caselaws?id=353846 The ITAT upheld the CIT(A)'s decision, ruling that Section 50C could not be invoked in this case. The sale consideration of Rs. 12 crores received from the public auction conducted by IDBI was deemed appropriate for calculating LTCG. The appeal by the revenue was dismissed, reinforcing the principle that distress sales conducted transparently by public sector entities should not be subjected to the deeming provisions of Section 50C. en-us Fri, 10 Nov 2017 00:00:00 +0530 Sat, 13 Jan 2018 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353846 The ITAT upheld the CIT(A)'s decision, ruling that Section 50C could not be invoked in this case. The sale consideration of Rs. 12 crores received from the public auction conducted by IDBI was deemed appropriate for calculating LTCG. The appeal by the revenue was dismissed, reinforcing the principle that distress sales conducted transparently by public sector entities should not be subjected to the deeming provisions of Section 50C. Case-Laws Income Tax Fri, 10 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353846