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TMI Blog2020 (5) TMI 134X X X X Extracts X X X X X X X X Extracts X X X X ..... tedly mortgaged with Catholic Syrian Bank. It is also not in dispute that one of the assessee Smt. Muragasamy Lalitha was suffering from Kidney failure. Therefore, the contention of the assessee that the property could not be sold for the market rate may have some justification. In the case of G. Anitha [2015 (4) TMI 723 - ITAT HYDERABAD] found that wherever there was an encumbrance, the value u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e appeals of the assessee are directed against the orders passed by the Commissioner of Income Tax (Appeals)-3, Coimbatore dated 02.08.2019 and pertains to the assessment year 2013-14. 2. Shri T.S.Rajarajeswaran, the Ld. Representative for the assessee submitted that the assessee sold the property for ₹ 50,01,000/-. However, for computation of capital gain, the assessee has taken the sale c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 55 taxmann.com 538 (Hyd), the Ld. Counsel for the assessee submitted that when the assessee encumbered the property, the market value of the property need not be taken for computing the capital gain by applying s. 50C of the Act. In view of the above decision, according to Ld. Representative, the Assessing Officer (AO) is not justified in adopting the value u/s. 50C of the Act. 3. On the contrar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee that the property could not be sold for the market rate may have some justification. Moreover, in the case of G. Anitha (supra) Division Bench of ITAT, Hyderabad Behcn found that wherever there was an encumbrance, the value u/s. 50C of the Act need not be applied. The decision of the Division Bench of ITAT, Hyderabad (supra) is binding on a single Member. Therefore, by following the decisio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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