Amit Sabharwal Vs. Asst. Director of Income Tax
Case No: ITA No.5292/Del./2024
Court: INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH ‘A’
Date: 3/12/2025
Parties Involved
AppellantAmit Sabharwal
RespondentAsst. Director of Income Tax
Facts Summary
The assessee, Amit Sabharwal, filed his Income Tax Return (ITR) for the Assessment Year 2019-20 declaring income of Rs.62,43,461/-. He showed Long Term Capital Gains of Rs.46,23,385/- on the sale of immovable property in Noida for a sale consideration of Rs.1,58,43,750/- as against the circle rate of Rs.1,94,95,000/-. The Assessing Officer (AO) made an adjustment of Rs.36,51,250/- under section 143(1)(a) of the Income Tax Act, 1961, by taking the sale consideration and circle rate at Rs.1,94,95,…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition/adjustment of Rs.36,51,250/- made under section 50C(1) of the Income Tax Act, 1961 can fall within the ambit of adjustments provided under section 143(1)(a) of the Act.
Precedents Relied Upon
2 precedents cited in this judgement.