ITAT Quashes 50C Addition Citing Valuation Typo and Higher Consideration

Advertisement Rupal Nirav Shah Vs DCIT (ITAT Surat) The appeal before the Income Tax Appellate Tribunal, Surat Bench concerned an addition made under section 50C of the Income-tax Act, 1961 for Assessment Year 2018–19. The assessee had filed her return declaring total income of ₹67.52 lakh. During the relevant year, she jointly sold an immovable property with her husband for a declared consideration of ₹1.44 crore. The Assessing Officer noted that departmental information from the Sub-Registrar/Stamp Valuation Authority reflected the property value at ₹1.82 crore and, on that basis,...