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Lal Dora Property to Be Valued as Agricultural/Residential for Section 50C
Case Law Details
- Case Name
- ACIT Vs Gupta jee & Company (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Delhi
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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...
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