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Section 50C cannot override Title & Valuation Disputes: ITAT Hyderabad
Case Law Details
- Case Name
- Sivanand Madas Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Hyderabad
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Sivanand Madas Vs ITO (ITAT Hyderabad)
Adjustment u/s 50C not a Prima Facie Issue- 50C cannot override Title & Valuation Disputes- AO must refer to DVO
Assessee challenged addition of ₹20.81 crore made u/s 50C through processing of return u/s 143(1).
Assessee filed return declaring ₹11.49 crore. CPC processed the return & adopted the stamp duty valuation (₹42.67 crore) instead of actual sale consideration (₹21.86 crore), resulting in total income of ₹32.31 crore & tax demand of ₹6.08 crore. CIT(A) dismissed the appeal, holding that since the stamp duty valuation was und...
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