Property Valuation Dispute: ITAT Pune Remands Case to CIT(A) for Fresh Adjudication

Babasaheb Pandurang Bandgar Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT) Pune addressed an appeal filed by Babasaheb Pandurang Bandgar, a retired Vice Chancellor, concerning the Assessment Year 2016-17. The case stemmed from an assessment order issued under section 143(3) of the Income-tax Act, 1961, which was subsequently upheld by the National Faceless Appeal Centre (NFAC). The core dispute revolved around the valuation of a property purchased by Bandgar and his wife. The Assessing Officer (AO) had noted a significant discrepancy between the purchase consideration of Rs. 10 la...