Declaration of Capital Gain u/s 50C of the Income Tax Act

Last updated: 17 August 2021

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This Income Tax Appellate Tribunal case involved an assessee appealing a decision regarding capital gains tax under Section 50C. The tax officer had reopened the assessment, believing the capital gain was not properly declared. The assessee argued that costs incurred to finish a semi-finished property should be considered, resulting in nil capital gains after indexation. The Tribunal ultimately allowed the assessee's appeal for statistical purposes.

Court :
ITAT Hyderabad

Brief :
This is assessee’s appeal for AY 2010-11 against the order of the CIT(A)-6, Hyderabad dated 31.07.2020. At the outset, it is seen that there is a delay of 7 days in filing of the appeal before the Tribunal and being satisfied with the reasons given in the application for condonation of delay, the delay is condoned.

Citation :
ITA No. 547/Hyd./2020

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Attached File : 1442821_4198_1627535914_ita_547.pdf

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Judgement posted by

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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