ITAT Directs Re-adjudication on AO’s Oversight of Section 55A

Satya Dharma Hotels Pvt Ltd Vs ITO (ITAT Delhi) In a noteworthy ruling by the Income Tax Appellate Tribunal (ITAT) Delhi, a re-adjudication was ordered in the case of Satya Dharma Hotels Pvt Ltd vs Income Tax Officer (ITO). The appellant contended that the Assessing Officer had not taken into account Section 55A of the Income Tax Act, leading to incorrect computation of capital gains, thus necessitating a re-examination of the case. In this case, the appellant, Satya Dharma Hotels Pvt Ltd, had sold a piece of land for Rs. 14 lakh, but the Assessing Officer assessed the value based on the circl...