Lal Dora Property to Be Valued as Agricultural/Residential for Section 50C

ACIT Vs Guptajee & Company (ITAT Delhi) ITAT Delhi: Lal Dora Property to Be Valued as Agricultural/Residential for Section 50C – Commercial Use Does Not Alter Revenue Character; Revenue Appeal Dismissed The Delhi Bench “F” of the ITAT dismissed the Revenue’s appeal and upheld the order of the CIT(A) in the case of Guptajee & Company for AY 2011-12, holding that section 50C valuation must be based on the nature of land as per revenue records and not on its actual user. The assessee had sold a Lal Dora property situated at Badli, Samepur, Delhi, which was recorded as agricultural...