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Section 55A- Full value of consideration cannot be construed as fair market value
Case Law Details
- Case Name
- ACIT Vs Prakash Ratanlal Sheth (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- ITAT Ahmedabad
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IN THE ITAT AHMEDABAD BENCH ‘C’
Assistant Commissioner of Income-tax
v.
Prakash Ratanlal Sheth
IT APPEAL NO. 951 (AHD.) OF 2012
[ASSESSMENT YEAR 2008-09]
JULY 31, 2012
ORDER
T.R. Meena, Accountant Member – This is an appeal at the behest of the Revenue which has emanated from the order of CIT(A)-V, Baroda, order dated 15.02.2012 for assessment year 2008-09. The effective grounds of Revenue appeal are as under:-
“(i) The learned CIT(A) erred in law in not considering the applicability of the provisions of section 55A of the IT Act, which empowers the AO to ascertain t...
