https://www.taxtmi.com/caselaws?id=428286 The Tribunal ruled in favor of the assessee, holding that Section 45(3) of the Income Tax Act prevails over Section 50C in the context of transferring assets to a partnership firm. The value recorded in the firm's books was deemed as the full consideration for capital gains calculation, rejecting the Assessing Officer's application of the stamp duty valuation. Additionally, the Tribunal directed the AO to verify and accurately compute the cost of acquisition for the transferred land based on previous accepted improvement costs, allowing the appeal for statistical purposes. en-us Thu, 14 Jul 2022 00:00:00 +0530 Wed, 28 Sep 2022 08:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428286 The Tribunal ruled in favor of the assessee, holding that Section 45(3) of the Income Tax Act prevails over Section 50C in the context of transferring assets to a partnership firm. The value recorded in the firm's books was deemed as the full consideration for capital gains calculation, rejecting the Assessing Officer's application of the stamp duty valuation. Additionally, the Tribunal directed the AO to verify and accurately compute the cost of acquisition for the transferred land based on previous accepted improvement costs, allowing the appeal for statistical purposes. Case-Laws Income Tax Thu, 14 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428286