https://www.taxtmi.com/caselaws?id=372611 The Tribunal upheld the disallowance of the deduction claimed for the market value of Floor Space Index (FSI) sold prior to the sale of land and building due to lack of conclusive evidence. It dismissed the challenge to the application of section 50C(2) after assessment proceedings, as the valuation was lower than the Stamp Valuation Authority's value. Additionally, the Tribunal upheld the additions of the scrap value of the factory shed and the sale value of furniture and fixtures, as the assessee failed to provide evidence to refute the income. As a result, the assessee's appeal was dismissed. en-us Wed, 19 Sep 2018 00:00:00 +0530 Wed, 26 Dec 2018 10:39:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372611 The Tribunal upheld the disallowance of the deduction claimed for the market value of Floor Space Index (FSI) sold prior to the sale of land and building due to lack of conclusive evidence. It dismissed the challenge to the application of section 50C(2) after assessment proceedings, as the valuation was lower than the Stamp Valuation Authority's value. Additionally, the Tribunal upheld the additions of the scrap value of the factory shed and the sale value of furniture and fixtures, as the assessee failed to provide evidence to refute the income. As a result, the assessee's appeal was dismissed. Case-Laws Income Tax Wed, 19 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372611