Addition on Account of LTCG u/s 50C - The appellant contended ...

Appellant Challenges Application of Section 50C Due to Litigation Impact on Property Value; Cites Precedent for Valuation Acceptance.

May 18, 2024

Case Laws     Income Tax     AT

Addition on Account of LTCG u/s 50C - The appellant contended that the property was a litigated property, and thus not possible to sell at market rate, arguing that the provisions of section 50C should not apply. The appellant also highlighted that the difference between the valuation adopted by the Stamp Valuation Authority and that declared by the appellant was less than 10%, suggesting that the value declared by the appellant should be accepted. The ITAT, referring to a similar case involving Bhojison Infrastructure Pvt. Ltd., where the tribunal allowed the appeal favoring the appellant, found that the appellant's case was directly covered by this decision.

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