Shivlal Gandubhai Satodia Vs. ITO

Parties Involved

Facts Summary

The assessee, Shivlal Gandubhai Satodia, filed an appeal against the order of the Commissioner of Income-Tax (Appeals) dated 29.01.2025 for the Assessment Year 2016-17. The assessee had sold an immovable property for Rs.1,00,00,000/- and declared a short-term capital gain of Rs.2,92,686/- and long-term capital gain of Rs.8,242/-. The Assessing Officer invoked Section 50C of the Income-tax Act, 1961, and recomputed the capital gains based on the stamp duty valuation of the property. The assessee argued that the property was situated in a rural and backward area and that the actual value of the property was substantially lower than the stamp duty valuation. The Ld. CIT(A) set aside the matter to the file of Assessing Officer for fresh consideration.…

Legal Issues

• 1. The assessee's contention that the actual value of the property was substantially lower than the stamp duty valuation.

Judgment Outcome

Decided in favour of Assessee.

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