ITAT Mumbai Confirms Applicability of Section 50C for Short-Term Capital Gains on Land Transfer

Dhan Bahadur Gagan Chand Vs CIT (ITAT Mumbai) In the case of Dhan Bahadur Gagan Chand vs. Commissioner of Income Tax (CIT), the appellant challenged the order dated August 2, 2023, passed by the Commissioner of Income Tax (Appeals) [CIT(A)] under Section 250 of the Income Tax Act, 1961. The CIT(A) confirmed the addition of ₹1,45,60,000/- as capital gain to the appellant’s total income, which was originally added by the Assessing Officer (AO) in the assessment order dated December 28, 2018, for the assessment year (AY) 2016-17. Background The appellant filed his return of income for AY 2016...