Khazan Singh Anand Tax Appeal - Section 50C Ruling

Quick Summary

This Income Tax Appellate Tribunal (ITAT) case involves an appeal by Khazan Singh Anand against an order from the CIT(A) that upheld the Assessing Officer's decision. The core issue revolves around the applicability of Section 50C of the Income Tax Act concerning the transfer of leasehold land. The assessee contested the valuation of the property used for calculating capital gains, arguing that the stamp duty valuation was higher than the fair market value and that the mandatory procedures under Section 50C(2) were not followed.

Court :
ITAT New Delhi

Brief :
This appeal is filed by the assessee against the order of the ld CIT(A)-14, New Delhi dated 22.05.2019 for the Assessment Year 2016-17, wherein, the appeal filed by the assessee against the order passed u/s 143(3) of the Act, where total income of the assessee was assessed at Rs. 27,77,120/- against the return filed at Rs. 5,67,120/- passed u/s 143(3) of the Act by the ITO, Ward-40(5), Delhi was dismissed.

Citation :
ITA 5837/DEL/2019

Daily Limit Reached