SHAHNAJ,NEAR BHERUDANJI WELL vs. INCOME TAX OFFICER, WARD-2, INCOME TAX OFFICE

In the result, the appeal of the assessee is allowed

Bench: Dr. S. Seethalakshmi & Dr Mitha Lal Meenasmt. Shanaj Vs The Ito W/O Shri Aslam Khan Ward-2, Churu, Near Bherudan Ji Well,Ward No. 22 Churu Sardarshahar,Churu – 331 403 (Appellant) (Respondent) Pan No. Fpmps 3570 D

section 50C of the Income Tax Act as the alleged rights are Khatedari Rights and not land or a building. Moreover the alleged Khatedari Rights on land are even not a Capital Assets. IV. On the facts and circumstances of the case Learned Assessing Officer rossly erred in not referring the issue for valuation to determine the correct market value