https://www.taxtmi.com/caselaws?id=388558 The appellant challenged the adoption of the deemed sale value of a property under section 50C, resulting in an addition of short term capital gain. The Commissioner of Income-tax (Appeals) upheld the addition, stating the appellant failed to establish a contractual obligation at the declared price. The ITAT admitted additional evidence, remanding the matter for verification of authenticity and applicability of the proviso to section 50C. The ITAT allowed the appeal for statistical purposes, emphasizing the importance of substantial justice and directing further inquiries by the Assessing Officer for a fresh decision based on the additional evidence. en-us Fri, 15 Nov 2019 00:00:00 +0530 Mon, 18 Nov 2019 10:46:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388558 The appellant challenged the adoption of the deemed sale value of a property under section 50C, resulting in an addition of short term capital gain. The Commissioner of Income-tax (Appeals) upheld the addition, stating the appellant failed to establish a contractual obligation at the declared price. The ITAT admitted additional evidence, remanding the matter for verification of authenticity and applicability of the proviso to section 50C. The ITAT allowed the appeal for statistical purposes, emphasizing the importance of substantial justice and directing further inquiries by the Assessing Officer for a fresh decision based on the additional evidence. Case-Laws Income Tax Fri, 15 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388558