Land Sale Value to be Determined as on Date of Agreement for Income Tax Deduction u/s 50C: Karnataka HC [Read Order]

HC held that held that Revenue has no discretion to adopt any date other than the date of agreement under Section 50C(1) of the Income Tax Act, 1961
By Saagarika Gopinath - On August 24, 2024 3:06 pm - 2 mins read
Land Sale Value - Section 50C Deduction - Income Tax Deduction - Karnataka High Court - taxscan

The Karnataka High Court rejected the appeal filed by revenue was not meritorious and held that the revenue has no discretion to adopt any date other than the date of agreement in question. In this case, the asessee, Bellandur Chikkagurappa Jayaramareddy, filed his income tax returns (ITR) for the year 2014-2015, declaring a total income…

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