Proposed Addition made u/s 50C Income Tax Act in respect of LTCG can be processed only u/s 143(3) of I.T Act: ITAT restored issue back to AO [Read Order]

By Aparna. M - On November 16, 2023 10:32 am - 2 mins read

ITAT restored issue back to AO - respect of LTCG - Income Tax Act - ITAT restored issue - taxscan

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, held that the proposed addition made under Section 50C of the Income Tax Act, 1961, concerning Long-Term Capital Gain, could only be processed under Section 143(3) of the Income Tax Act, 1961. The assessee, Prabha Anil Gandhi, declared income from Long-Term Capital Gain as ₹3,22,370 in the…

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