ITAT directs AO to adopt Rs. 60/sq.m FMV and verify Section 54F claims

Vasuben Natwerlal Patel Vs ITO (ITAT Surat) The Income Tax Appellate Tribunal (ITAT) in Surat has delivered a split verdict in the case of Vasuben Natwerlal Patel, partly allowing her appeal concerning capital gains tax. The dispute centered on the fair market value of land sold by the assessee in the 2013-14 assessment year. The ITAT’s decision addresses two key issues: the valuation of the land for capital gains calculation and the claim for deduction under Section 54 of the Income Tax Act. The assessee had sold an agricultural land parcel in Ambheta, Surat, which she had owned since b...