https://www.taxtmi.com/caselaws?id=353961 Where an assessee merely acted in a representative capacity under a series of agreements and GPA arrangements, and later cancellation and settlement showed that the original co-owners remained the real recipients of consideration, no transfer of ownership by the assessee was established for capital gains purposes. On those facts, the land could not be treated as transferred by the assessee as owner, so the deeming valuation under section 50C was not attracted. The capital gains addition was therefore unsustainable, the revenue's appeal failed, and the deletion of the addition was upheld. en-us Thu, 30 Nov 2017 00:00:00 +0530 Tue, 16 Jan 2018 09:24:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353961 Where an assessee merely acted in a representative capacity under a series of agreements and GPA arrangements, and later cancellation and settlement showed that the original co-owners remained the real recipients of consideration, no transfer of ownership by the assessee was established for capital gains purposes. On those facts, the land could not be treated as transferred by the assessee as owner, so the deeming valuation under section 50C was not attracted. The capital gains addition was therefore unsustainable, the revenue's appeal failed, and the deletion of the addition was upheld. Case-Laws Income Tax Thu, 30 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353961