https://www.taxtmi.com/caselaws?id=197741 Section 50C does not apply where a statutory body sells property by public auction and the governing stamp law treats the highest bid as the fair market value for stamp duty purposes; the auction price in the sale deed remains the relevant consideration, so no substitution on a higher ready-reckoner value is warranted. A fresh legal claim for enhanced compensation affecting capital gains computation may also be admitted at the appellate stage, because appellate authorities have wide powers to consider claims arising from the correct operation of law. The enhanced compensation was therefore accepted as part of the cost of acquisition. en-us Thu, 20 Mar 2014 00:00:00 +0530 Mon, 15 Jan 2018 07:39:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197741 Section 50C does not apply where a statutory body sells property by public auction and the governing stamp law treats the highest bid as the fair market value for stamp duty purposes; the auction price in the sale deed remains the relevant consideration, so no substitution on a higher ready-reckoner value is warranted. A fresh legal claim for enhanced compensation affecting capital gains computation may also be admitted at the appellate stage, because appellate authorities have wide powers to consider claims arising from the correct operation of law. The enhanced compensation was therefore accepted as part of the cost of acquisition. Case-Laws Income Tax Thu, 20 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197741