Friday, January 25, 2019

Sec. 50C couldn't be applied if 'Jantri Value' of land wasn't higher than sale price agreed to by parties: ITAT

IT: Where jantri value/circle rate of land was not higher than sale price agreed by assessee with purchaser, deeming provisions of section 50C could not be invoked

from www.taxmann.com Latest Case Laws http://bit.ly/2RS5DUH

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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