Court held that acquiring right in land under purchase agreement and sale to third party, provision of section 50C is not applicable. However whether loss is allowable as business loss or capital loss, matter remanded. (AY.2010-11)
V.S. Chandrashekar v. ACIT (2021) 432 ITR 330 / 199 DTR 545 / 320 CTR 339 / 282 Taxman 244(Karn.)(HC)
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Acquiring right in land under purchase agreement-Sale to third party-Provision of section 50C is not applicable-Whether loss is allowable as business loss or capital loss-Matter remanded. [S. 2(47), 28(i), 45]