https://www.taxtmi.com/caselaws?id=752749 ITAT Ahmedabad allowed the assessee's appeal, cancelling additions under sections 50C, 56(2)(vii)(b), and 69C. The tribunal held that section 50C applies only to sellers, not buyers of property, making it inapplicable. For section 56(2)(vii)(b), the amendment covering inadequate consideration was effective from A.Y. 2014-15, not applicable to A.Y. 2012-13. The property was purchased with consideration, not acquired without consideration. Section 69C addition was improper as it should relate to actual investment, not jantri value, and no show cause notice was issued. The AO's additions were unsustainable. en-us Wed, 15 May 2024 00:00:00 +0530 Fri, 17 May 2024 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752749 ITAT Ahmedabad allowed the assessee's appeal, cancelling additions under sections 50C, 56(2)(vii)(b), and 69C. The tribunal held that section 50C applies only to sellers, not buyers of property, making it inapplicable. For section 56(2)(vii)(b), the amendment covering inadequate consideration was effective from A.Y. 2014-15, not applicable to A.Y. 2012-13. The property was purchased with consideration, not acquired without consideration. Section 69C addition was improper as it should relate to actual investment, not jantri value, and no show cause notice was issued. The AO's additions were unsustainable. Case-Laws Income Tax Wed, 15 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752749