https://www.taxtmi.com/caselaws?id=461112 The Tribunal concluded that the adjustment made by the CPC under section 50C(1) through section 143(1)(a)(ii) of the Income-tax Act was unsustainable. It held that such adjustments could not be made without providing the assessee the opportunity to object to the stamp duty value, as mandated by section 50C(2). The Tribunal emphasized that section 50C must be applied in its entirety, ensuring the assessee's right to challenge the valuation. Consequently, the addition was deleted, and the appeal was allowed in favor of the assessee. en-us Tue, 26 Jul 2022 00:00:00 +0530 Thu, 13 Mar 2025 17:01:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461112 The Tribunal concluded that the adjustment made by the CPC under section 50C(1) through section 143(1)(a)(ii) of the Income-tax Act was unsustainable. It held that such adjustments could not be made without providing the assessee the opportunity to object to the stamp duty value, as mandated by section 50C(2). The Tribunal emphasized that section 50C must be applied in its entirety, ensuring the assessee's right to challenge the valuation. Consequently, the addition was deleted, and the appeal was allowed in favor of the assessee. Case-Laws Income Tax Tue, 26 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461112