( Querist )
06 September 2009
I request you to inform me any case law has been reported for following matter.
The co Op society has acquired the Immovable property in their name for settlement of loan give to borrower in Fy 2004-05 for Rs.8,00,000/- against outstanding amount of Rs.12,00,000/-
In the year 2005-06 the above plot was sold to other person for Rs.10,00,000/-where as government valuation for stamp duty is Rs.17,00,000/-
Now ITO has treated the difference between valuation for stamp duty and Sale value as Income u/s 50 C of I Tax Act however Assessee do not agree with the ITO's Conclusion hence filed appeal claiming that it is not capital gain but business income .Can you help me to find any case law reference to above facts.If such case law is available please send me the attachment