https://www.taxtmi.com/caselaws?id=401361 The Tribunal allowed the appeal, determining that Section 50C of the Income Tax Act was not applicable to the sale of shares, rejecting the reliance on the District Valuation Officer's report. It found no evidence of the transfer of shares as a colorable device to avoid tax and emphasized the entitlement to the benefit of indexation for computing capital gains. The Tribunal ruled in favor of the assessee, highlighting errors in the lower authorities' decisions and pronouncing the order on 28th August 2020. en-us Fri, 28 Aug 2020 00:00:00 +0530 Sat, 05 Dec 2020 17:39:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401361 The Tribunal allowed the appeal, determining that Section 50C of the Income Tax Act was not applicable to the sale of shares, rejecting the reliance on the District Valuation Officer's report. It found no evidence of the transfer of shares as a colorable device to avoid tax and emphasized the entitlement to the benefit of indexation for computing capital gains. The Tribunal ruled in favor of the assessee, highlighting errors in the lower authorities' decisions and pronouncing the order on 28th August 2020. Case-Laws Income Tax Fri, 28 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401361