Tribunal held that the consideration for sale of land has been approved by the Charity Commissioner which has passed order as per Bombay Trust Act and assessee being a public trust has to follow the same and include the same in sale’s deed and it does not require any interference on account of understatement of consideration.
Dy.CIT v. Saifee Jubiee High School and Madressa Yusufiyan Society (2018) 63 ITR 89 (SN) (Ahd)(Trib.)
S. 50C : Capital gains-Full value of consideration-Stamp valuation –Charitable Trust- Price approved by Charity Commissioner has to be followed, where the Assessee is a public charitable trust. [S. 45]