Meera Sonthalia vs. ACIT, Circle-3(1), Asansol

Parties Involved

Facts Summary

The case pertains to the assessment year 2014-15 where the assessee, Meera Sonthalia, sold an immovable property for Rs. 29,40,000. The assessee submitted a valuation report determining the fair market value and computed a loss of Rs. 2,80,770. However, the Assessing Officer (AO) adopted the sale price as per the report of the District Registrar/stamp duty valuation and deemed Rs. 53,20,000 to have been received by the assessee under section 50C of the Act. Aggrieved by this, the assessee approached the Commissioner of Income-tax (Appeals)/National Faceless Appeal Centre (NFAC), Delhi, but did not succeed. The assessee then filed an appeal before the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Validity and propriety of the reopening proceedings
• 2. Validity of the sanction under section 151
• 3. Justification of the addition of Rs. 50,13,435 under Long Term Capital Gain by invoking section 50C
• 4. Direction to refer the matter to DVO for proper valuation

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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