Circle rate couldn’t be applied as property was sold under distress

Satya Pal Khurana Vs ACIT (ITAT Delhi) ITAT Delhi held that circle rate couldn’t be applied as the property was sold under distress. Accordingly, matter remanded back to AO to determine fair market value of property taking into consideration that the sale was under distress. Facts- The case of the assessee was selected for limited scrutiny for the reason of verification of capital gain/loss on property. On account of no response on the part of the assessee, AO completed ex-parte assessment considering sale consideration as declared by the assessee at Rs.48,25,000/- from the sale of two prope...