ITAT Directs Recalculation of Capital Gains, Not Just Section 50C Difference

Chhaganbhai Muljibhai Patoliya Vs ITO (ITAT Rajkot) The appeal pertains to the Assessment Year 2012-13, filed by the assessee before the ITAT Rajkot against the orders of the Assessing Officer (AO) and the Commissioner of Income Tax (Appeals) [CIT(A)]. The dispute arose from the assessment completed under sections 143(3) read with 147 of the Income Tax Act, 1961, and subsequent appellate order dated 30 June 2025 by the National Faceless Appeal Centre, Delhi. The issue revolves around capital gains and the application of section 50C of the Act concerning immovable property transactions undertak...