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| The Tax Publishers2020 TaxPub(DT) 2451 (Ahd-Trib) INCOME TAX ACT, 1961
Section 50C
Assessee was just general power of attorney holder with respect to land in dispute and there was no documentary evidence available before AO suggesting that assessee had received consideration against transfer of such land, no addition could be made under section 50C in assessee's hands.
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Capital gains - Invocation of section 50C - Assesee holding general power of attonery with respect of land sold - AO made addition in assessee's hands
Assessee was holding general power of attorney with respect to certain piece of land belonging to 8 persons and claimed to have sold on behalf of such persons the lands belonging to them. However, AO invoked section 50C and made addition in assessee's hands. Held: Assessee was just general power of attorney holder with respect to land in dispute. As such there was no documentary evidence available before AO suggesting that assessee had received consideration against transfer of such land. Accordingly, addition made in assessee's hands could not be sustained.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
INCOME TAX ACT, 1961
Section 68
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