Mukesh Vaikunthlal Mehta vs Income Tax Officer Ward 34(2)(1), Mumbai
Case No: ITA No.4669/MUM/2025
Court: Income Tax Appellate Tribunal, 'D' Bench, Mumbai
Date: 1/1/2026
Parties Involved
appellantMukesh Vaikunthlal Mehta
respondentIncome Tax Officer Ward 34(2)(1), Mumbai
Facts Summary
The assessee, Mukesh Vaikunthlal Mehta, filed a return of income for the Assessment Year 2011-2012 declaring a total income of INR 59,459/-. The assessment was reopened, and the Assessing Officer noted capital gains income on account of the sale of a share in a property consisting of land and buildings with 26 units/flats. The property was transferred to Zee Infrastructure Private Limited for a consideration of INR 2.5 Crores. The Assessing Officer adopted the stamp duty value of INR 7.03 Crores…
Decision in favour of
Assessee
Legal Issues
- 1. Application of Section 50C and determination of Fair Market Value/Full Value of Consideration of the property for computing capital gains.
- 2. Dispute over the value determined by the DVO and its applicability under Section 50C.
3 more legal issues analysed in this judgement.
Precedents Relied Upon
3 precedents cited in this judgement.