Allowing the petition the Court held that section 50C is not applicable to buyers hence the notice by the AO and sanction by PCIT being non application of mind, the reassessment notice is quashed. (AY. 2018-19)
Aruna Surulkar v.ITO (2024) 158 taxmann.com 677 (Bom)(HC)
S. 151 : Reassessment-Sanction for issue of notice-Non application of mind-Applicability of S. 50C to buyer-Reassessment notice and order is quashed. [S. 50C, 148, 148A(b), 148A(d), Art. 226]
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