ITAT Deletes Section 50C Addition as Stamp Value Difference Was Within 5% Safe Harbour

Rasmeet Singh Malhotra Vs DCIT (ITAT Indore) The appeal before the Income Tax Appellate Tribunal, Indore Bench, arose from the order of the Commissioner of Income Tax (Appeals)-3, Bhopal, relating to Assessment Year 2017-18. The dispute concerned computation of capital gains under Section 50C of the Income-tax Act, 1961. The assessee, being a joint owner with a 50% share in an immovable property, sold the property during the relevant year. The actual sale consideration received for the entire property was Rs. 84,00,000, making the assessee’s share Rs. 42,00,000. However, the stamp valuation ...