https://www.taxtmi.com/caselaws?id=370898 The Tribunal ruled in favor of the assessee in an appeal against the assessment order for the year 2007-08 regarding short term and long term capital gains on the transfer of a right in property. The Tribunal held that the transfer of the right constituted a transfer of a capital asset, and since no stamp valuation had been conducted, section 50C could not apply. The Tribunal concluded that the market value determined by an ITI report could not replace the actual consideration received, directing the deletion of the disputed amount added by the AO. As a result, the appeal of the assessee was allowed, and the disputed amount was ordered to be deleted. en-us Wed, 08 Aug 2018 00:00:00 +0530 Mon, 26 Nov 2018 07:58:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370898 The Tribunal ruled in favor of the assessee in an appeal against the assessment order for the year 2007-08 regarding short term and long term capital gains on the transfer of a right in property. The Tribunal held that the transfer of the right constituted a transfer of a capital asset, and since no stamp valuation had been conducted, section 50C could not apply. The Tribunal concluded that the market value determined by an ITI report could not replace the actual consideration received, directing the deletion of the disputed amount added by the AO. As a result, the appeal of the assessee was allowed, and the disputed amount was ordered to be deleted. Case-Laws Income Tax Wed, 08 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370898