Section 50CA Valuation Rejected as Rule 11UA Ignored Unrealizable Assets: ITAT Chennai

Advertisement Rajasehar Buvaneswari Vs ITO (ITAT Chennai) The appeal before the ITAT Chennai arose from the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, which had upheld a reassessment order passed under Sections 147 read with 144/144B of the Income-tax Act for Assessment Year 2020-21. The assessee challenged the addition made under Section 50CA on the transfer of unquoted equity shares. The assessee, engaged in the business of construction, had originally filed the return of income declaring a total income of Rs.5,77,410. The dispute originated from t...