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ITAT Deletes Section 50C Addition as Stamp Value Difference Was Within 5% Safe Harbour
Case Law Details
- Case Name
- Rasmeet Singh Malhotra Vs DCIT (ITAT Indore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Indore
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Rasmeet Singh Malhotra Vs DCIT (ITAT Indore)
The appeal before the Income Tax Appellate Tribunal, Indore Bench, arose from the order of the Commissioner of Income Tax (Appeals)-3, Bhopal, relating to Assessment Year 2017-18. The dispute concerned computation of capital gains under Section 50C of the Income-tax Act, 1961.
The assessee, being a joint owner with a 50% share in an immovable property, sold the property during the relevant year. The actual sale consideration received for the entire property was Rs. 84,00,000, making the assessee’s share Rs. 42,00,000. However, the...
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