https://www.taxtmi.com/caselaws?id=395817 Section 50C could not be applied to tax alleged short-term capital gain where the assessee was only a power of attorney holder, the registered deed had been cancelled, and there was no credible evidence that sale consideration was received or that the land transferred to the assessee. Section 68 additions were also deleted for share-sale proceeds and investment-related receipts because the assessee produced confirmations, PAN details, bank statements, share-transfer documents and return particulars, while the Revenue brought no contrary material. Declared agricultural income was accepted on the basis of the consistent past treatment and supporting affidavit, and no procedural error was found in admission of additional evidence after remand. en-us Mon, 01 Jun 2020 00:00:00 +0530 Wed, 06 Nov 2024 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395817 Section 50C could not be applied to tax alleged short-term capital gain where the assessee was only a power of attorney holder, the registered deed had been cancelled, and there was no credible evidence that sale consideration was received or that the land transferred to the assessee. Section 68 additions were also deleted for share-sale proceeds and investment-related receipts because the assessee produced confirmations, PAN details, bank statements, share-transfer documents and return particulars, while the Revenue brought no contrary material. Declared agricultural income was accepted on the basis of the consistent past treatment and supporting affidavit, and no procedural error was found in admission of additional evidence after remand. Case-Laws Income Tax Mon, 01 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395817