https://www.taxtmi.com/caselaws?id=389729 The Appellate Tribunal dismissed the Revenue's appeal, ruling that Section 50C of the Income Tax Act could not be applied to transactions before 1st October 2009. The Tribunal emphasized the prospective application of Section 50C, as clarified by CBDT Circular 5/2010, and the binding nature of Revenue circulars. Consequently, the Tribunal upheld the Commissioner of Income Tax (Appeals) order, highlighting that invoking Section 50C for transactions predating the specified date was invalid. en-us Wed, 04 Dec 2019 00:00:00 +0530 Mon, 16 Dec 2019 09:49:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389729 The Appellate Tribunal dismissed the Revenue's appeal, ruling that Section 50C of the Income Tax Act could not be applied to transactions before 1st October 2009. The Tribunal emphasized the prospective application of Section 50C, as clarified by CBDT Circular 5/2010, and the binding nature of Revenue circulars. Consequently, the Tribunal upheld the Commissioner of Income Tax (Appeals) order, highlighting that invoking Section 50C for transactions predating the specified date was invalid. Case-Laws Income Tax Wed, 04 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389729