NEERU ARORA,CHANDIGARH vs. CIRCLE-1, INTERNATIONAL TAXATION, CHANDIGARH
In the result, the appeal of the assessee is partly allowed in terms indicated above
ITA 60/CHANDI/2024[2013-14]Status: DisposedITAT Chandigarh25 Jun 2025AY 2013-14
Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. MANOJ KUMAR AGGARWAL (Accountant Member)
For Appellant: Shri Parikshit Aggarwal, C.AFor Respondent: Smt. Tarundeep Kaur, CIT, DR
Section 142(1)Section 144C(2)Section 147Section 148Section 2(47)(v)Section 48Section 50CSection 50C(1)Section 50C(2)Section 53A
53A of the Transfer of Property Act and section 2(47)(v) of the Act.
6. The AO, however, rejected the explanation and finalised the draft assessment order dated 03.03.2023 by adopting the stamp duty value of Rs.1.51 crore as deemed consideration under section 50C. He further denied the benefit of the indexed cost of acquisition and initiated penalty proceedings