Market Value of Property reduced due to Litigation and Defect in Title, Section 50C can’t be applied: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 50C of the Income Tax Act, 1961 cannot be applied in cases where the market value of the property is reduced due to the defect in the title of the property. The Assessing Officer reopened the assessment against […]

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