ITAT Allows 5% Safe Harbour in Property Valuation- Section 50C Amendment Retrospective

DCIT Vs Tirupati Niryat Pvt. Ltd (ITAT Kolkata) Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has dismissed an appeal filed by the Deputy Commissioner of Income Tax (DCIT) against Tirupati Niryat Pvt. Ltd. for the Assessment Year 2012-13. The case primarily involved a dispute over long-term capital gains calculation under Section 50C of the Income Tax Act, 1961, and disallowance of expenditure under Section 14A. Background of the Case: Tirupati Niryat Pvt. Ltd., engaged in real estate and jute products, filed its return for AY 2012-13 declaring a nil income and a carried forward loss of...