Provisions of Section 50C of the Income Tax Act for computation of Capital Gains

Last updated: 23 June 2021
Quick Summary
This Income Tax Appellate Tribunal ruling addresses the application of Section 50C of the Income Tax Act for calculating capital gains. The assessee argued that the valuation rate at the time of the sale agreement, not a later government notification, should be used. The Tribunal considered the reasons for a slight delay in filing the appeal, attributing it to the assessee's counsel's oversight and deciding not to penalise the assessee.

Court :
ITAT Hyderabad

Brief :
This appeal is filed by the assessee against the order of the Ld.CIT (A)-1, Hyderabad in appeal No. 0090/CIT(A)(-1/Hyd/2016-17/2017-18, dated 23/10/2017 passed U/s. 143(3) r.w.s 147 of the Act for the AY 2010-11.

Citation :
ITA No. 363/Hyd/2018

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1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

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