ITAT: Section 50C of 1961 Act Not Applicable on Brokerage Costs Incurred on Sale Consideration - 09.07.2019

Income Tax Appellate Tribunal (ITAT) Ahmedabad has ruled that Section 50C of the Income Tax Act, 1961 (1961 Act) cannot be applicable in case of brokerage costs incurred on the sale consideration by the purchaser. The Tribunal noted that it is primarily the case of the Assessee that the lower consideration received on sale of the property is attributable to the encumbrances, encroachment and defect in vacant possession of the property.

Tags : ITAT Brokerage Costs

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