RAJIV NIVAS,MANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, INTERNATIONAL TAXATION, CIRCLE - 2(2), BENGALURU

ITA 759/BANG/2024Status: DisposedITAT Bangalore28 August 2026AY 2020-2111 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeal due to a bona fide mistake. On merits, the Tribunal noted that the Assessing Officer adopted stamp duty values without awaiting a valuation report and that the assessee's claim was based on a registered valuer's report.

What were the facts?

The assessee claimed a higher cost of acquisition for a property sale, which was restricted by the Assessing Officer based on stamp duty values. The assessee argued that the stamp duty value used was for a different locality and that a registered valuer's report supported a higher fair market value.

What were the issues?

Whether the Assessing Officer erred in restricting the cost of acquisition to stamp duty value instead of fair market value, especially when the stamp duty value used was for a different locality and a registered valuer's report was available.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(13),Section 55(2)(b)(i),Section 54EC

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCHES, BANGALORE

Before: SHRI PRASHANT MAHARISHI & SHRI SOUNDARARAJAN K.

For Respondent: DR. Divya K.J. CIT DR

PER SHRI PRASHANT MAHARISHI, VICE PRESIDENT

1.

This appeal has been filed by Mr. Rajiv Nivas, the assessee/appellant, for assessment year 2020–21 against the order dated 10 January 2023 passed by the Deputy Commissioner of Income Tax, International Taxation, Circle 2(2), Bangalore (“the learned AO”), under section 143(3) read with section 144C (

The order continues below.

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