RAJESH VELJI RATHOD ,MUMBAI vs. ITO WARD 3(2), MUMBAI

ITA 4620/MUM/2025Status: DisposedITAT Mumbai21 November 2025AY 2011-12Bench: SHRI NARENDER KUMAR CHOUDHRY (Judicial Member)7 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal found that while the sale consideration was Rs. 2,19,00,000/-, an amount of Rs. 1,00,00,000/- was paid to confirming parties, reducing the attributable consideration to Rs. 1,79,00,000/-. The Tribunal directed the AO to re-compute LTCG using a mid-path FMV of Rs. 17.50/- per sq. mtr. and Cost Inflation Index of 100 as on 01.04.1981.

What were the facts?

The Assessee sold a property for Rs. 2,19,00,000/- which was valued at Rs. 2,79,68,500/- by the Stamp Duty Valuation Authority. The AO determined the LTCG at Rs. 16,97,524/- after not accepting the Assessee's valuation report. The Commissioner upheld the AO's order.

What were the issues?

The primary issue was the correct valuation of the property for LTCG calculation, including the applicable fair market value and cost inflation index, and the impact of payments made to confirming parties.

Which sections of the Income-tax Act were involved?

Section 250,Section 54F,Section 147,Section 148,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “SMC”, MUMBAI

Before: SHRI NARENDER KUMAR CHOUDHRY

For Appellant: Shri Ajay R Singh, Ld. A.R
For Respondent: Shri Nakul Agrawal, Ld. Sr. D.R
Hearing: 09.10.2025Pronounced: 21.11.2025

Per : Narender Kumar Choudhry, Judicial Member: This appeal has been preferred by the Assessee against the order dated 06.06.2025, impugned herein, passed by the Ld. Commissioner of Income Tax (Appeals) ADDL/JCIT(A) (in short Ld. Commissioner) u/s 250 of the Income Tax Act, 1961 (in short ‘the Act’) for the A.Y. 2011-12. 2. Brief facts relevant for adjudication of the instant appeal are that in the instant case, one land/property was sold jointly by various sellers including Assessee herein vide sale deed dated 26.04.2010 on a total consideration of Rs.2,19,00,000/- in favour of M/s. Priyanka Home Realties Pvt. Ltd., whereas market value o

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