ITAT Ahmedabad Remands Capital Gain & Section 50C Addition for Fresh Verification

Shivprakash Ramcharan Sharma Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) in Ahmedabad has remanded the case of Shivprakash Ramcharan Sharma vs. ITO back to the Commissioner of Income-tax (Appeals) for reconsideration. The decision centers on the need for a thorough verification of the sale consideration of a property and its stamp duty value, which resulted in a significant tax addition. The taxpayer, an individual, had filed his income tax return for the Assessment Year 2012-13. The Assessing Officer (AO) received information that the taxpayer had sold an immovable proper...