https://www.taxtmi.com/caselaws?id=293008 The appellant, a real estate developer, faced issues regarding the application of section 50C to Short Term Capital Gains (STCG) from the sale of units. The Assessing Officer (AO) re-computed STCG based on Stamp Valuation Authority's value, which was upheld by the CIT(A) and the Tribunal. The characterization of units sold as depreciable assets rather than stock-in-trade was crucial in determining the correct application of section 50C. The CIT(A) directing a reference to a Valuation Officer was deemed necessary, but exceeding jurisdiction led to the appeal's success due to non-compliance with statutory provisions. en-us Fri, 27 Dec 2019 00:00:00 +0530 Mon, 18 Jan 2021 21:37:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293008 The appellant, a real estate developer, faced issues regarding the application of section 50C to Short Term Capital Gains (STCG) from the sale of units. The Assessing Officer (AO) re-computed STCG based on Stamp Valuation Authority's value, which was upheld by the CIT(A) and the Tribunal. The characterization of units sold as depreciable assets rather than stock-in-trade was crucial in determining the correct application of section 50C. The CIT(A) directing a reference to a Valuation Officer was deemed necessary, but exceeding jurisdiction led to the appeal's success due to non-compliance with statutory provisions. Case-Laws Income Tax Fri, 27 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293008