https://www.taxtmi.com/caselaws?id=277274 The High Court dismissed the appeal, upholding the addition of capital gains under Section 50C of the Income Tax Act, 1961 to a land sale transaction. The court found that Section 50C was rightly applied due to the variance between the consideration received and the value assessed for stamp duty purposes. Additionally, the court emphasized the necessity of factual evidence in determining possession and the applicability of Section 50C, critiquing the ITAT for not adequately considering facts and balance sheet disclosures in its decision-making process. en-us Tue, 01 May 2018 00:00:00 +0530 Mon, 27 Jul 2020 15:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277274 The High Court dismissed the appeal, upholding the addition of capital gains under Section 50C of the Income Tax Act, 1961 to a land sale transaction. The court found that Section 50C was rightly applied due to the variance between the consideration received and the value assessed for stamp duty purposes. Additionally, the court emphasized the necessity of factual evidence in determining possession and the applicability of Section 50C, critiquing the ITAT for not adequately considering facts and balance sheet disclosures in its decision-making process. Case-Laws Income Tax Tue, 01 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277274