Polly Saha vs ITO Ward 45(3), Kolkata

Parties Involved

Facts Summary

The assessee, Polly Saha, a teacher, filed an appeal against the reassessment order passed by the Assessing Officer (AO) for the Assessment Year 2011-12. The AO had reassessed her income based on the sale of immovable property, invoking Section 50C of the Income Tax Act, 1961. The AO had computed the capital gains by substituting the sale consideration with the stamp duty value, resulting in an addition of Rs. 13,77,723/-. The assessee contended that the stamp duty value considered by the AO was incorrect and that the correct stamp duty value was Rs. 9,14,375/-. The Commissioner of Income Tax (Appeal) upheld the order of the AO without addressing the issue raised by the assessee. The assessee appealed to the ITAT, arguing that the addition made by the AO was arbitrary and without considering her submission. The ITAT found merit in the assessee's contention and directed the AO to adopt the correct stamp duty value, resulting in a long-term capital loss of Rs. 3,00,469/-. The addition of Rs. 13,77,723/- was deleted and substituted by the long-term capital loss.…

Legal Issues

• 1. Incorrect Invocation of Section 50C and Assumption of Incorrect Stamp Duty Value
• 2. Addition of Rs. 13,77,723/- by the AO

Judgment Outcome

Decided in favour of Assessee.

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