appeal against addition made Under Sec. 50 C income tax Act

This query is : Open

sanjeev (Querist)
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03 March 2011 The A/O made an addition U/s 50c of income tax Act. amounting to rs. 35 Lakh

on the basis of circle rate as on 3rd april rs. 4400000.00 while circle rates as on 31st march was rs 2200000.00.

PARAS CHHAJED

PARAS CHHAJED

(Expert)
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05 March 2011 You can very well file an appeal before the CIT (Appeals). The market rate applicable as on the date of registratio is to be considered if the assset sld is not stock in trade. If the sale is completed before 31st March then there is no question of adopting the market rate applicable thereafter. CA Paras Chhajed