https://www.taxtmi.com/caselaws?id=302473 Section 50C did not apply to the sale of land held as stock in trade, because the asset was treated in the books as a trading asset, sold in the ordinary course of business, and the profit was assessable as business income rather than capital gains. The Tribunal also noted that the consideration adopted by the Assessing Officer was not shown to have been actually received, and the transactions were covered by prior sale agreements with possession already handed over. As section 50C operates only for capital assets under sections 45 to 49, and section 43CA was inserted later to address business assets, the addition was deleted and the assessee's claim was upheld. en-us Wed, 17 Jul 2013 00:00:00 +0530 Sat, 28 May 2022 10:43:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302473 Section 50C did not apply to the sale of land held as stock in trade, because the asset was treated in the books as a trading asset, sold in the ordinary course of business, and the profit was assessable as business income rather than capital gains. The Tribunal also noted that the consideration adopted by the Assessing Officer was not shown to have been actually received, and the transactions were covered by prior sale agreements with possession already handed over. As section 50C operates only for capital assets under sections 45 to 49, and section 43CA was inserted later to address business assets, the addition was deleted and the assessee's claim was upheld. Case-Laws Income Tax Wed, 17 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302473