What did the Tribunal hold?

The Tribunal held that the issue requires further examination. The matter was remanded back to the Assessing Officer for fresh adjudication.

The assessee, an individual, sold an immovable property (land and building) for Rs. 75.00 lakhs. The issue arose concerning the consideration at the time of registration.

What were the issues?

The primary issue revolves around the correct valuation of the immovable property sold by the assessee for capital gains tax purposes, specifically concerning the consideration at the time of registration.

Palapur Sundararajan vs ACIT | ITAT Chennai 2019

Income Tax Appellate Tribunal, ‘B’ BENCH: CHENNAI

Before: SHRI GEORGE MATHAN & SHRI INTURI RAMA RAO

Hearing: 08.07.2019

: Mr.K.Ravi, Adv. अपीलाथ* क- ओर से/ Appellant by : +,यथ* क- ओर से /Respondent by Mr.Marudha Pandian, JCIT : 08.07.2019 सुनवाई क- तार"ख/Date of Hearing : 08.07.2019 घोषणा क- तार"ख /Date of Pronouncement आदेश / O R D E R PER GEORGE MATHAN, JUDICIAL MEMBER:

This is an appeal filed by the assessee against the Order of the Commissioner of Income Tax (Appeals)-10, Chennai, in 19/CIT(A)-10 dated 21.05.2019 for the AY 2016-17. 2. Mr. Marudha Pandian, JCIT, represented on behalf of the Revenue and Mr.K.Ravi, Adv., represented on behalf of the assessee. :- 2 -:

It was submitted by the Ld.AR that the assessee is an individual.

The assessee had sold an immovable property which consisted of land and building for a consideration of Rs.75.00 lakhs. However, at the time of registration, the Sub-

PALAPUR SUNDARARAJAN,CHENNAI vs. ACIT NON CORPORATE CIRCLE 9(1), CHENNAI

What did the Tribunal hold?

What were the facts?

What were the issues?

Which sections of the Income-tax Act were involved?

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