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The Revenue has filed appealand raised grounds mostly on application of ss. 50C and 56(2)(vii)(b) of the Act. The contention of the Revenue is that ss. 50C and 56(2)(vii)(b) are independent provisions related to different situations and the case law decided for application of s. 50C cannot be applied for deciding the issue relating to the provisions of s. 56(2)(vii)(b) of the Act. The learned Departmental Representative further submitted that the issue involved in this case is the applicability of s. 56(2)(vii)(b) and argued that the decision rendered in the context of s. 50C is not relevant in the instant case.

Shanti Prime Publication Pvt. Ltd.

Sec. 50 C and 56(2)(vii)(b)(ii) of Income-tax Act, 1961— Income from other sources—Since the final registration of the sale is only in fulfilment of the contractual obligation, the logical conclusion is that the provisions which do not apply at the time of entering into the transaction initially would not also at the time the transaction, thus, the computation provisions fail in the facts and circumstances of the case and the final argument of the learned Authorised Representative that the FMV cannot be substituted in the absence of charging section is not relevant under the peculiar facts and circumstances of the case- Provisions of s. 50C which were not available in the statute cannot be applied during the interim period. - ASSTT. CIT V/s ANALA ANJIBABU - [2020] 207 TTJ 239 (ITAT-VISAKHAPATNAM)