ITAT Sets Aside Section 50C Addition as DVO Valuation Fell Within Tolerance Band

Bhupendra Abhimanyu Kukreja Vs ITO (ITAT Nagpur) The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, heard the assessee’s appeal against the order of the Joint Commissioner of Income Tax (Appeals) for Assessment Year 2016-17. The appeal arose from an assessment completed under Section 143(3) of the Income Tax Act, 1961, in which the Assessing Officer made an addition of ₹8,45,170 under Section 50C while computing long-term capital gains on the sale of agricultural land. The assessee had sold urban agricultural land situated at Mouza Nara, Nagpur for a sale consideration of ₹60,00...