Land Sale Case – ITAT Restores Smt Ganigara Rekha Venugopal Vs ACIT Case to AO

Smt Ganigara Rekha Venugopal Vs ACIT (ITAT Bangalore) Introduction: In the case of Smt Ganigara Rekha Venugopal Vs ACIT (ITAT Bangalore), the assessee’s claim of deduction under ‘Income from Other Sources’ was questioned. This dispute is related to the valuation of a site sold, with the assessing officer (AO) limiting the cost to a lower figure than claimed by the assessee. The ITAT order restores the matter back to the AO for re-assessment. Analysis: The case revolves around the sale of developed land by the appellant, who contested the valuation calculated by the AO. The AO...