Full Value of Consideration or Cost of Investment cannot be Substituted by Fair Market Value Except within Purview of Section 50 C of Income Tax Act: ITAT [Read Order]

Full value of consideration or cost of investment cannot be substituted by fair market value except within purview of Section 50 C of the Income Tax Act, 1961, rules, ITAT
By Aiswarya Krishnadas - On February 11, 2024 6:02 pm - 2 mins read
ITAT - ITAT Delhi - Income Tax - Fair market value - Fair market value substitution in taxation - Tax news - TAXSCAN

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that full value of consideration or cost of investment cannot be substituted by fair market value except within purview of Section 50 C of the Income Tax Act, 1961 The counsel for the assessee S.B. Gupta  argued that All property purchase and…

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