ITAT Mumbai Rejected Section 50C Due to Flawed Valuation of Tenanted Property

Mukesh Vaikunthlal Mehta Vs ITO (ITAT Mumbai) Erroneous DVO Valuation and Tenanted Property: ITAT Holds Section 50C Inapplicable in Mukesh Vaikunthlal Mehta’s Case In Mukesh Vaikunthlal Mehta vs ITO, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) examined the applicability of Section 50C of the Income-tax Act, 1961 to the sale of a heavily tenanted property and the reliability of the District Valuation Officer’s (DVO) valuation. The assessee, along with his two brothers, jointly sold a property at Vile Parle (East), Mumbai, consisting of land and three buildings with 26 units...