https://www.taxtmi.com/caselaws?id=387826 The ITAT allowed the appeal of the assessee, ruling in favor of the assessee due to the distress sale nature of the transaction and the legal constraints faced in selling the property. The ITAT concluded that the property was sold under distress, leading to the decision that section 50C should not apply, resulting in no capital gains for the assessee. The ITAT overturned the lower authorities' orders, deleting the additions made by the Assessing Officer. en-us Thu, 05 Sep 2019 00:00:00 +0530 Sat, 02 Nov 2019 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387826 The ITAT allowed the appeal of the assessee, ruling in favor of the assessee due to the distress sale nature of the transaction and the legal constraints faced in selling the property. The ITAT concluded that the property was sold under distress, leading to the decision that section 50C should not apply, resulting in no capital gains for the assessee. The ITAT overturned the lower authorities' orders, deleting the additions made by the Assessing Officer. Case-Laws Income Tax Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387826