Section 50C Inapplicable as Declared Value Exceeds Stamp Value; Addition Deleted

Vijay Rai Marwaha Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has partially allowed an appeal filed by assessee Vijay Rai Marwaha for the assessment year 2020-21. The appeal challenged the final assessment order dated June 23, 2023, issued by the Assessing Officer (ACIT, Circle Int. Tax 2(2)(1)) under Section 143(3) read with Section 144C(13) of the Income-tax Act, 1961. The core of the dispute revolved around the computation of capital gains from the sale of a property, specifically concerning the application of Section 50C and the determination of the cost of ...