https://www.taxtmi.com/caselaws?id=308326 The Tribunal ruled in favor of the assessee in an appeal against the Commissioner of Income Tax's decision to add capital gain under section 50C of the Income Tax Act 1961. The Tribunal held that the adjustment made by the Centralized Processing Centre under section 143(1)(a) was not valid as it deprived the assessee of the right to object. Consequently, the addition made under section 50C(1) was deleted. Additionally, the Tribunal directed the Assessing Officer to allow the benefit of brought forward losses of earlier years, resulting in the appeal being allowed. en-us Wed, 16 Nov 2022 00:00:00 +0530 Fri, 16 Jun 2023 07:32:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308326 The Tribunal ruled in favor of the assessee in an appeal against the Commissioner of Income Tax's decision to add capital gain under section 50C of the Income Tax Act 1961. The Tribunal held that the adjustment made by the Centralized Processing Centre under section 143(1)(a) was not valid as it deprived the assessee of the right to object. Consequently, the addition made under section 50C(1) was deleted. Additionally, the Tribunal directed the Assessing Officer to allow the benefit of brought forward losses of earlier years, resulting in the appeal being allowed. Case-Laws Income Tax Wed, 16 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308326