Purchase / sale of immovable property for Business Purpose does not attract S. 50C of Income Tax Act: ITAT [Read Order]

Purchase - sale - immovable property - Business Purpose - Income Tax Act - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Jaipur bench, held that the purchase/sale of immovable property for business purposes did not attract Section 50C of the Income Tax Act, 1961. Therefore, the bench deleted the addition made by the assessing officer. Assessee Rajkumari Gupta filed the return of income, and during the assessment proceedings, it was…

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