Friday, March 15, 2013

SECTION 50C: SLUMP SALE

The Mumbai ITAT bench has held that where assessee, a shareholder of KMPL, along with other shareholders sold entire shares of KMPL to 'R', it could not be regarded as an indirect transfer of flats owned by KMPL to 'R' and, consequently, provisions of section 50C could not be applied to transaction of sale of shares.

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