SAHEBRAO R. PATIL,NAGPUR vs. INCOME TAX OFFICER WARD 1(3), NAGPUR

ITA 405/NAG/2013Status: DisposedITAT Nagpur28 March 2019AY 2009-106 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found the case peculiar due to the assessee's demise and the legal heir's need to gather data. Therefore, the matter was remanded to the CIT(A) for a fresh hearing to consider all relevant facts.

What were the facts?

The assessee sold a property and disputed the capital gains computation. The Assessing Officer and CIT(A) relied on the DVO's valuation, while the assessee argued for a higher 'cost of acquisition' based on stamp duty valuations and depreciating factors of the land.

What were the issues?

The primary issue was the correct valuation of the property for capital gains calculation, specifically the 'cost of acquisition' as on 01.04.1981 and the fair market value, considering different valuation reports and land characteristics.

Which sections of the Income-tax Act were involved?

Section 50C

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: SHRI D. KARUNAKARA RAO, AM & SHRI VIKAS AWASTHY, JM

For Appellant: Shri C. J. Thakar, Adv
Hearing: 26.03.2019Pronounced: 28.03.2019

PER D. KARUNAKARA RAO, AM: This appeal is filed by the assessee against the order of CIT(A)-I, Nagpur dated 21.08.2013 for the Assessment Year 2009-10. 2. The grounds raised by the assessee are as under :–

2 “1] The Hon'ble CIT(A) erred in law and on facts by disallowing the value of property as on 01.04.1981 according to the valuation done by Dy. Register & Stamp Duty Collector, Nagpur City, Nagpur which is further based on the GR/notification of Nagpur Improvement Trust dt. 03.10.1989 issued from the

The order continues below.

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