https://www.taxtmi.com/highlights?id=96396 Capital gains computation under section 50C: the property is recorded as agricultural/residential in revenue records, so circle rate characterisation must follow those records and the multiplicative factor of 1 applies even though the building was used commercially without sanction; deemed conversion cannot be presumed from unauthorized use until recognised by revenue authorities, so the assessing officer's application of factor 3 was contrary to revenue records and invalid, and the appellate authority's direction to apply factor 1 was affirmed by ITAT, resulting in the decision against the revenue. en-us Wed, 28 Jan 2026 07:26:20 +0530 Wed, 28 Jan 2026 07:26:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96396 Capital gains computation under section 50C: the property is recorded as agricultural/residential in revenue records, so circle rate characterisation must follow those records and the multiplicative factor of 1 applies even though the building was used commercially without sanction; deemed conversion cannot be presumed from unauthorized use until recognised by revenue authorities, so the assessing officer's application of factor 3 was contrary to revenue records and invalid, and the appellate authority's direction to apply factor 1 was affirmed by ITAT, resulting in the decision against the revenue. Highlights Income Tax Wed, 28 Jan 2026 07:26:20 +0530 https://www.taxtmi.com/highlights?id=96396