Provisions of Section 50C of the Income Tax Act

Last updated: 29 June 2021
Quick Summary
This case involves an assessee who claimed exemption under Section 54F of the Income Tax Act after selling a property. The assessee deposited a portion of the sale proceeds into a capital gains account but retained a significant balance. The CIT invoked Section 263, directing the Assessing Officer to tax the unutilised portion of the sale consideration, deeming it taxable as capital gains. The assessee's appeal against this order was dismissed by the CIT(A), leading to the current appeal before the Tribunal.

Court :
ITAT Hyderabad

Brief :
This is assessee’s appeal for the A.Y 2009-10 against the order of the CIT (A)-1, Hyderabad, dated 11.01.2019.

Citation :
ITA No.519/Hyd/2019

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