Deemed Valuation u/s 50 C of Income Tax Act Applicable to Seller of Property, Not to Buyers: ITAT [Read Order]

Deemed - Valuation - Income - Tax - Act - Applicable - Seller - of - Property - ITAT - TAXSCAN

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 50C of the Income Tax Act, 1961 is applicable only to the seller of the property, not to the buyers. The facts in brief are the Assessee firm is a Limited Liability Partnership firm engaged in the business…

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