2021 (11) TMI 1107 - HC - Income Tax

LTCG on sale of rights in land - action of the lower authorities in invoking the provisions of section 50C and in substituting some other valuation was clearly beyond the provisions of law as applicable upon the impugned transaction. Under these transactions, we hereby delete the addition made by the AO - HELD THAT - The Order of Income Tax Appellate Tribunal (ITAT) 2017 (1) TMI 1325 - ITAT MUMBAI is quashed and set aside. The matter is remanded for denovo consideration on the four grounds as raised by respondent in its appeal for A.Y.- 2010-2011. The ITAT shall give a finding on all the four grounds. ITAT shall complete the hearing and pass an order on or before 31st March 2022. Appeal disposed.

Summary

The Bombay High Court quashed and set aside the Order of Income Tax Appellate Tribunal dated 19th October 2016. The matter is remanded for denovo consideration on four grounds raised by the respondent for A.Y. 2010-2011. The ITAT must give a finding on all four grounds and pass an order by 31st March 2022. Appeal disposed.