https://www.taxtmi.com/caselaws?id=395057 For a pre-amendment transfer of agricultural land, section 50C could not be applied by importing the later word "assessable"; the consideration stated in the agreement to sell governed, and the stamp value in the registered deed could not be substituted for that earlier transaction. The note also states that a short-term capital loss on share sale could not be disallowed as non-genuine where the assessee produced primary purchase and sale records and the Revenue adduced no cogent evidence of higher consideration or a sham transaction. In both issues, the stated tax adjustments were deleted and the assessee's position was accepted. en-us Fri, 01 May 2020 00:00:00 +0530 Fri, 21 Aug 2020 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395057 For a pre-amendment transfer of agricultural land, section 50C could not be applied by importing the later word "assessable"; the consideration stated in the agreement to sell governed, and the stamp value in the registered deed could not be substituted for that earlier transaction. The note also states that a short-term capital loss on share sale could not be disallowed as non-genuine where the assessee produced primary purchase and sale records and the Revenue adduced no cogent evidence of higher consideration or a sham transaction. In both issues, the stated tax adjustments were deleted and the assessee's position was accepted. Case-Laws Income Tax Fri, 01 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395057