‘Agreement to Sell’ Date Property Value Assessed by Stamp Valuation Authority relevant for Section 50C

DCIT Vs Nitin Gupta (ITAT Raipur) Introduction: In a recent case before the Income Tax Appellate Tribunal (ITAT) in Raipur, the matter of DCIT vs. Nitin Gupta revolved around the assessment of property value under Section 50C of the Income Tax Act. This section deals with the computation of the full value of consideration for property transfers. The case originated from an assessment for the fiscal year 2015-16. In this article, we will delve into the details of the case and the ITAT’s ruling on the matter. Detailed Analysis: 1. Background: The appellant, Nitin Gupta, had filed his incom...