DVO Report of Co-Owner must be considered before Assessment U/s 50C: ITAT Ahmedabad

Niket Ravibhai Patel Vs DCIT (ITAT Ahmedabad)

Assessee is an individual filed his Return of Income for AY 2013-14 at Rs.10,98,540/-. During the year consideration, assessee along with other co-owners sold two immovable properties for a consideration of Rs.1,20,60,000/- and Rs.1,85,40,000/-. Assessee’s share in both the properties is 5%, accordingly the assessee shown his share as Rs.6,03,000/- and Rs.9,27,000/- on sale of the immovable properties in his Return of Income. AO found that the stamp duty value of the above-mentioned properties were Rs.3,34,40,600/- and Rs.5,14,78,100

Please become a Premium member. If you are already a Premium member, login here to access the full content.