Home > Experts > Income Tax > section 50c of i tax act


Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


section 50c of i tax act (Income Tax)

Report Abuse
This query is : Open


( Author )
06 September 2009

I request you to inform me any case law has been reported for following matter.
Fact

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


Previous

Next

You need to be the querist or approved CAclub expert to take part in this query .


Click here to login ( Members Login ) now


Similar Resolved Queries :











submit










Quick Links





back to the top