Section 50C of Income Tax Act Not applicable retrospectively: Delhi HC upholds ITAT’s order Deleting ₹20.00 Cr Addition against Thomson Press Ltd

The Delhi High Court has upheld an ITAT (Income Tax Appellate Tribunal) order deleting a ₹2000 crore addition against Thomson Press Ltd, ruling that Section 50C of the Income Tax Act is not applicable retrospectively. Section 50C deals with cases where property is sold below stamp duty value. The court found that the property transaction occurred before an increase in the circle rate, and the original sale value was commensurate with the prevalent circle rate at that time. This protects taxpayers from being penalized by subsequent changes in property valuation rules.