Case Law Details
Case Name : Amit Sabharwal Vs ADIT (ITAT Delhi)
Related Assessment Year : 2019-20
Courts :
All ITAT ITAT Delhi
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Amit Sabharwal Vs ADIT (ITAT Delhi)
no adjustment/addition under section 50C of the Act can be made while processing the ITR under section 143(1): ITAT Delhi
ITAT Delhi order whether the addition/adjustment of Rs. 36,51,250/- made u/s 50C(1) of IT Act can fall within the ambit of adjustments provided u/s 143(1)(a) of the Act
Summary: The case of Amit Sabharwal vs. ADIT before the ITAT Delhi revolved around adjustments made by the Centralized Processing Center (CPC) during summary processing under Section 143(1) of the Income Tax Act. The assessee disclosed Long-Term Capital Gains (LTCG) from ...
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Author Bio
The ITAT Delhi’s ruling highlights the complexities of Section 50C in ITR processing under Section 143(1). This decision reinforces the need for careful valuation to avoid unnecessary tax additions.