Provisions of section 50C of the Income Tax Act while making the addition to capital gains

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Last updated: 24 June 2021
Quick Summary
This Income Tax Appellate Tribunal ruling addresses the application of Section 50C concerning capital gains. The tribunal considered whether the Assessing Officer (AO) correctly invoked Section 50C and if the assessee was given a fair opportunity to present their case. A key issue was the valuation of property for capital gains tax, with the AO relying on a District Valuation Officer's (DVO) valuation from another case, which the assessee argued was incorrect.

Court :
ITAT Ahmedabad

Brief :
These five appeals filed by different assessees, pertaining to assessment year (AY) 2012-13, are directed against the separate orders passed by the Learned Commissioner of Income Tax (Appeals), Surat [in short “the ld. CIT(A)”], which in turn arise out of separate assessment orders passed by the Assessing Officer under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as “the Act”).

Citation :
ITA 1688/AHD/2017

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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