https://www.taxtmi.com/caselaws?id=752166 The ITAT Mumbai dismissed the appeal in a capital gains case involving transfer of non-agricultural land. The assessee, a company director, claimed he purchased land on behalf of the company, but the tribunal found insufficient evidence to support this claim. The registered deed showed the assessee as sole vendee, and despite the company paying consideration through cheques, no documentation established the purchase was made on the company's behalf. The tribunal applied section 50C, determining short-term capital gains based on stamp duty valuation rather than actual consideration received. The AO's computation of STCG at Rs. 1,45,60,000 was upheld, confirming the addition. en-us Thu, 02 May 2024 00:00:00 +0530 Fri, 03 May 2024 15:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752166 The ITAT Mumbai dismissed the appeal in a capital gains case involving transfer of non-agricultural land. The assessee, a company director, claimed he purchased land on behalf of the company, but the tribunal found insufficient evidence to support this claim. The registered deed showed the assessee as sole vendee, and despite the company paying consideration through cheques, no documentation established the purchase was made on the company's behalf. The tribunal applied section 50C, determining short-term capital gains based on stamp duty valuation rather than actual consideration received. The AO's computation of STCG at Rs. 1,45,60,000 was upheld, confirming the addition. Case-Laws Income Tax Thu, 02 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752166