https://www.taxtmi.com/caselaws?id=401280 The ITAT upheld the taxability of capital gains for the assessment year 2005-06, rejecting the appellant's arguments. It directed the AO to re-examine the applicability of section 50C based on evidence presented by the appellant. The issue of adoption of sale consideration and indexed cost was remanded back to the AO for further consideration. The judgment did not provide a specific resolution on the liability to pay interest. The appeal was partly allowed for statistical purposes, emphasizing the importance of a thorough assessment and compliance with legal provisions. en-us Fri, 27 Nov 2020 00:00:00 +0530 Wed, 02 Dec 2020 20:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401280 The ITAT upheld the taxability of capital gains for the assessment year 2005-06, rejecting the appellant's arguments. It directed the AO to re-examine the applicability of section 50C based on evidence presented by the appellant. The issue of adoption of sale consideration and indexed cost was remanded back to the AO for further consideration. The judgment did not provide a specific resolution on the liability to pay interest. The appeal was partly allowed for statistical purposes, emphasizing the importance of a thorough assessment and compliance with legal provisions. Case-Laws Income Tax Fri, 27 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401280