Section 50C Not Applicable: FMV and Sale Price Difference Within 10%

Nalanda Builders Pvt. Ltd. Vs DCIT (ITAT Kolkata) The case of Nalanda Builders Pvt. Ltd. Vs DCIT was heard by the Income Tax Appellate Tribunal (ITAT) Kolkata concerning the assessment year 2013-14. The primary issue was the difference in the fair market value (FMV) of property sales under Section 50C of the Income Tax Act. The assessee sold two flats for ₹3 crore, but the Assessing Officer added ₹3.26 crore to the income, arguing that the FMV exceeded the sale price. The Commissioner of Income Tax (Appeals) [CIT(A)] upheld this addition. However, ITAT Kolkata ruled in favor of Nalanda Bui...